AMP Capital has continued the restructure of its equities business, announcing it will no longer offer benchmark-aware, core Australian equity products.
The decision will see the departure of current head of Australian fundamental equities Michael Price, who joined the firm in June 2015.
Following the restructure, the Australian equities division of AMP Capital will now consist of three teams: equity income, co-managed by Tom Young and Dermot Ryan; small caps, headed up by Phillip Hudak; and 'systematic' (or rules-based), led by Genevieve Murray, who will join AMP Capital from Macquarie on 16 October.
The past year and a half has also seen a restructure of AMP Capital's global equities and fixed income teams, with chief investment officer for both divisions Mark Beardow leaving the firm in March 2017.
Mr Beardow's departure saw David Allen promoted to global chief investment officer of equities, with group CEO Adam Tindall taking a more direct responsibility for global equities and fixed income.
AMP Capital has also established a global equities team in recent months, as well as combining its listed real estate and listed infrastructure capabilities to form a global listed real assets team.
Commenting on the changes to the Australian equities team, Mr Allen said AMP Capital remains "committed to active management".
"Our research has shown clients increasingly are looking for solutions that can be highly differentiated and cost effective. We expect this trend to continue. We believe demand for benchmark-aware, core Australian equities products is in structural decline over the long-term," Mr Allen said.
"The decision to change our Australian equities business is part of a deliberate strategy to set up the business for growth by responding to shifting client needs and industry trends."
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