AMP Capital Investors yesterday made 30 permanent staff redundant and brought forward an end to four contract roles at the firm.
AMP Capital, which employs about 800 people, declined to name the roles that had been terminated, but managing director, Stephen Dunne, said that in making “cost decisions” care had been taken not to compromise the "investment management capability or client relationship management".
A spokesperson for AMP said that the cuts had been “mainly to support staff”, in areas where there was duplication or shared responsibility with other AMPCapital roles or roles in the wider AMP Group.
Dunne said: “Our medium to long-term business strategy has not changed, in particular our continuing investment in Asia, which we see as a significant source of long-term growth. However, we are adapting to the changing market conditions in the short term.”
“We are reducing costs to maintain the strength and resilience of our business in these challenging times," he said.
The AMP Capital redundancies follow those announced in July at BT Financial Group – which reduced its head count by about 100. So far, however, the Australian funds management industry has not suffered the level of redundancies seen in the US. Last week it was reported that Fidelity Investments, one of the largest managers in the world, would make about 4,000 staff redundant.