AMP Future Directions Funds hired Epoch Investment Partners to run US$800 million in a multimanager fund.
Epoch’s “global shareholder yield” was chosen as a key defensive tactic for AMP’s Core International Share fund, which has A$5 billion (US$5.29 billion) in assets.
To fund the mandate, AMP redeemed its investment in a Wellington global equity strategy; no amount was available. While AMP Capital’s confidence in Wellington remains undiminished, it decided the strategy did not meet the needs of the core fund, said Van Athukorala, senior portfolio manager.
Simon Mumme is editor of Investment magazine, Sydney.
