AMP has appointed a specialist unit of its funds management arm to invest the combined pool of statutory assets resulting from its merger with AXA Asia Pacific.
The multi-asset group, a unit of AMP Capital Investors aiming to develop customised investment strategies, now manages the AMP Statutory Life Funds and insurance provisions of AXA, a spokeswoman for AMP Capital confirmed.
This makes redundant the role of Gerald Naughton, an AMP Capital investment director who oversaw portfolio management, risk management and client services for the statutory funds. Colin Gibson, senior fund manager of AMP Statutory Fund 2, was also made redundant.
AMP Capital manages about $93 billion and has a client services team. It will manage the statutory assets alongside other “internal” money instead of through the legacy arrangement, the spokeswoman says.
Debbie Alliston, head of the multi-asset group, will liaise with Stephanie Weston, AMP’s new director of investment management, to manage the assets.
New roles are being sought for Naughton and Gibson. Both have had long tenures at AMP and its funds management arm. In previous roles, Gibson set up the AMP Capital trust and oversaw performance analytics, according to the company’s website.
AMP merged with AXA Asia Pacific’s Australia and New Zealand business on March 30, 2011.