By Rebecca Howard
Nov. 30 (BusinessDesk) - Economist Bevan Graham has been appointed managing director of AMP Capital New Zealand, replacing Grant Hassell who will head up the group's global fixed income.
Graham, who is currently AMP Capital New Zealand chief economist, has more than 30 years experience in the public and private sector, including seven years with AMP Capital. He will remain chief economist of the fund manager. The changes take effect from next year.
"Bevan is the right person to continue the strong momentum and growth in our business. He has deep and trusted relationships with our clients in the region and an unwavering focus on delivering exceptional investment experiences," said AMP Capital director Asia Pacific Craig Keary.
Graham will report to Keary while Hassell will report to the global head of public markets Simon Warner. Hassell will stay on the AMP Capital New Zealand board.
AMP Capital New Zealand has around $21 billion under management. The group's funds under management are A$189.3 billion.
The New Zealand fund manager is a unit of Australia's AMP, which has been reshaping under new leadership as it tries to rebuild a reputation tarnished by unethical practices uncovered by Australia's Royal Commission into the banking sector's conduct. That's included a review of the portfolio spanning banking, insurance, wealth management, financial advice and funds management.
That shake-up will see AMP exit its New Zealand wealth management and advice businesses through a public offer next year, provided the market conditions are right. The spin-out won't include the local funds management unit, which operates under the AMP Capital umbrella.
A decision has yet to be made on whether to list the New Zealand wealth management and advice unit on the NZX alone or to pursue a dual-listing on the ASX as well. The parent's shares are dual-listed, and last traded at $2.54 on the NZX and have fallen 55 percent over the past 12 months.
The Kiwi wealth management and advice businesses contribute operating earnings of about A$40 million on a standalone basis to the Australian parent.
AMP Capital Investors New Zealand generated a net profit of $13.9 million in calendar 2017 on net fee income of $33.5 million, according to its latest filing to the Companies Office.