AMP NZ Board Reshuffle Facing Master Trust and Legacy Heads

AMP NZ’s wealth business has seen another senior management restructuring, including the departure of longtime legacy product specialist Wayne Hirt.

Hirt, most recently head of the AMP NZ Retirement Trust (NZRT) and other legacy products, retired in September after nearly eight years.

Following his departure, responsibility for the approximately $3.2 billion NZRT Employer Super Master Trust was transferred to Justin Boyes, now in the newly created role of AMP General Manager Retail Customers.

Boyes joined AMP in 2020 as Deputy Chief Client Officer after more than eight years as Marketing Director for the ventilation business HRV. Prior to his role as a retail customer, at AMP he was Head of KiwiSaver and Insurance.

Meanwhile, Legacy Products now reports to Aaron Klee in his new role of General Manager of Investment Management and Services. Previously, Klee was his AMP Head of Investment Management. he moved to From last year’s intermediary head.

A relative newcomer to the AMP business, Debbie Gyde also steps up from Head of Enterprise Sales and Relationship Gigs to General Manager Customer Partnerships. Before she joined AMP in March 2021, Gyde said she spent nearly 20 years in senior sales positions at Air NZ before spending just over a year as General Manager of Helloworld Travel NZ. spent.

Air NZ is NZRT’s main corporate client, accounting for approximately one-third of the total funds under management in the Master Trust.

An AMP spokesperson said the new executive bench reflects the group’s “business growth following the transformation of its investment and client proposition in 2021.”

New figures released last week by the AMP ASX-listed parent showed NZ wealth management business lost some ground in the September quarter despite achieving net inflows of A$23 million in three months indicates that

Its flagship product, KiwiSaver, generated net inflows of A$71 million in the quarter, compared to A$226 million due to investment losses (and other adjustments including currency depreciation against the Australian dollar used for reporting purposes). Lost dollars. His total AMP KiwiSaver Fund (FUM) under management has fallen from A$4.9 billion at the end of June to just over A$4.7 billion three months later.

However, the remaining AMP NZ superannuation and legacy products reported total net outflows of A$48 million and other losses of A$213 million in the three months to 30 September, with overall FUM at 5 billion AUD.

AMP declined to comment on “market speculation” that the group is looking to offload several legacy products, including NZRT.

Across Tasman, Australia’s AMP business reported improved net outflows from wealth management products, growth in the banking sector and a steady decline in lamp fund management business.

AMP Chief Alexis George said in the release: AMP’s strategic focus.

“We have already launched digital mortgages and market-specific retirement offers in Q4.”

AMP’s share price fell about 2% to close at A$1.16 last Friday, but beat the October low of A$1.05 and the all-time low of A$0.85 set earlier this year. still outperforming.