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Morningstar places AMP Capital funds on 'review'

Morningstar places AMP Capital funds on 'review'

Tim Stewart
— 1 minute read

AMP Capital's Australian equities function has been put "under review" by Morningstar pending the completion of an internal review by AMP Capital.

In an analyst note, Morningstar said its coverage of the AMP Capital Equity A fund, the Sustainable Share A fund and the Australian Equity Incomes A fund have been placed "under review".

The announcement comes after AMP Capital chief executive Craig Meller revealed a review of the company's Australian equities function in a call to analysts in August.

Morningstar noted that AMP stated at its annual general meeting recently that "equities is an important part of AMP Capital’s business and there are no plans to shut it down".

The research house's note added, "We are placing these strategies under review, until AMP Capital finalise their review and the impact on the Australian equities strategies can be ascertained.

"The outcome is expected in the next three to six months, and AMP Capital will endeavour to complete the review within this time frame."

A spokesperson for AMP Capital reiterated there are "no plans to shut down" AMP Capital's equities business.

"This year we launched our new global equities capability, which is the first example of how we plan to reposition our broader equity fund range over time," said the spokesperson.

"Like all good businesses, we’re always reviewing our operations to ensure we’re delivering for our clients.

"We’re currently looking at our suite of Australian equities capabilities to ensure they meet our clients’ current and future needs."

 

 

Morningstar places AMP Capital funds on 'review'
AMP Capital, Morningstar, Craig Meller
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