AMP Capital Investors Australia looks set to take over the management of about NZ$3 billion of property assets after the New Zealand business dumped two more senior executives.
An AMP Capital Investors NZ (AMPCI NZ) spokesperson confirmed Anthony Beverly, head of property NZ, and Simon Urquhart-Hay, chief operating officer NZ property, had both been made redundant as group headquarters moved from Wellington to Auckland.
“Beverley and Urquhart-Hay, both confirmed Wellingtonians, have chosen not to relocate to Auckland and their roles will be disestablished as part of the restructure,” AMPCI NZ said in a statement to I&T News.
Control of most of the NZ real estate portfolio would shift across the Tasman leaving only a listed property trust in New Zealand hands. “The New Zealand Property Fund Managers who are now all located in Auckland, will report directly to senior managers in Sydney, with the exception of Scott Pritchard, recently appointed ANZO [AMP NZ Office Trust] CEO, who will continue to report to ANZO’s joint venture management company,” the AMPCI NZ statement said.
However, Beverly would retain his board positions on several AMPCI NZ property entities.
The group will continue to run its New Zealand fixed income and local equities portfolios from the Wellington office.
Last August AMPCI NZ fired its head of investment strategy, Jason Wong, with his asset allocation and strategy responsibilities migrating to the Australian office under the aegis of AMP’s Sydney-based chief economist, Shane Oliver, and David Kiddie, head of the Multi Asset Group (and now chief investment officer).
As I&T News reported last year, the Australian investments operation team, headed by Peter Sipek, also assumed responsibility last year for implementing the New Zealand diversified portfolios.
AMPCI NZ, which manages its more than $3 billion property portfolio via a number of listed and unlisted vehicles, has struck trouble on a number of deals recently including a NZ$50 million write-down on a joint-venture Auckland development in October 2010. Last week AMPCI NZ revealed losses of over $16 million in one of its funds exposed to unexpected building maintenance costs.
In 2010 the group was also embroiled in a fractious battle over the restructure of its flagship listed ANZO fund.
AMPCI NZ, which boasts a strong wholesale client base in New Zealand, was granted an unlisted property mandate from the New Zealand Superannuation Fund in 2005.