AMP Capital's head of equities, Guy Elliffe, and senior analyst Jonathan Davis will leave the business at the end of this month as the funds management company outsources its New Zealand equity management to a third party.
In a letter to investors, the company said the decision to outsource was not a reflection on the performance of the portfolios, but it had been reviewing how best to deliver New Zealand equity management capability.
"We have now completed the review and have decided the best option for our clients and our business is to outsource active New Zealand equity management to a third-party active equity manager," it said.
AMP Capital said it expected the transition to take place by March 31, and that its investment philosophy would not change.
AMP Capital investment funds directly affected by the change are the NZ shares fund, the strategic NZ shares fund, the responsible investment leaders NZ shares fund and the income generator fund.