David Allen was appointed global head of equities at AMP Capital, leading a new strategic approach for the firm in the asset class.
Mr. Allen, who will join in March and will be based in London, will be responsible for all equity teams at the firm across four locations, and covering more than A$40 billion ($28.7 billion) in assets under management. He will report to Mark Beardow, global equities and fixed income chief investment officer.
The position is new. AMP announced in June it was adding the role, alongside a number of other changes following the retirement of Ella Brown, head of fundamental equities and responsible for the management of Australian fundamental equities, New Zealand equities, Asian equities, global listed infrastructure and global listed real estate; as well as having broad responsibilities across all of the firm’s global equities and fixed-income division.
It was decided that, to take the equities business forward, AMP Capital would move all of its equities business under a new global head of equities. The firm launched an internal and external search for the role, which is responsible for global listed infrastructure; global listed real estate; Australian fundamental equities; multistrategy equities; environmental, social and governance; and Asian equities.
Over the past 12 months, the firm has been working on its strategy and vision for its global equities capability, resulting in a new structure under Mr. Allen. “A number of individuals from the multistrategy equities team have decided to take a different path and have resigned,” said a statement on the firm’s website. The firm said it is working with clients for an orderly transition to appropriate management arrangements. Quantitative management “remains a core part of AMP Capital’s overall fundamental equities investment philosophy, but at this stage there are no plans to rebuild a stand-alone team,” the statement said.
“The global equities strategy we now have in place is robust and builds on our capability in global, regional and domestic equity styles and generates advantages from collaboration across AMP Capital, which we believe results in better outcomes for clients,” Mr. Beardow added in the statement. Further details were not available by press time.
Mr. Allen was previously co-head of asset management at Sarasin & Partners in London. A spokeswoman said that, since Sarasin has a collegial approach, there will be no direct replacement for Mr. Allen.
A spokesman for AMP Capital was not available to comment by press time.