AMP Capital Investors is seeking a new head of private clients after the incumbent left on Friday.

After almost five years heading the AMP Capital Investors (AMP CI) private clients division, Giles Craig is going into business for himself. “;I’m launching an internet start-up, about 10 years after everyone else,”; Craig joked. However Craig, whose nine years at AMP CI began as head of marketing for private equity, said the venture would only have a “;slight overlap”; into financial services. “;I might be seeking some venture capital investment, however,”; he said. AMP CI’s head of distribution, Brian Delaney, said he would be heavily involved in finding Craig’s replacement, because private clients was an “;attractive but elusive”; space. “;We call it the ‘holy grail’ of funds management, you can’t get your arms around it. We know who the top 10 platforms are, the top 20 institutions are, you can pick up the phone and speak to them. But how do you find the high net worth individual who wants to invest directly into AMP funds?”; However Delaney said the higher margins for off-platform business, and the willingness of high net-worths to back innovative AMP CI funds such as its China Growth fund and DUET listed infrastructure vehicle, made the search worthwhile.