AMP Capital Investors (New Zealand), which manages about $16 billion of assets, sharpened its cost-base in the 2011 calendar year, but may have to strip out more as its parent embarks on an efficiency drive.
The New Zealand unit of the Australasian fund manager trimmed operating expenses by more than a quarter to $24.2 million in the 12 months ended December 31, according to its financial statements lodged with the Companies Office.
AMP Capital NZ's employment costs fell $3 million to $15.3 million, while other operating expenses dropped by 39 per cent to $8.9 million.
That comes as the parent looks to cut its cost base by A$25 million, according to Australian media reports. AMP Capital is the second-biggest fund manager across the Tasman with almost A$125 billion in funds under management as at March 31.
A spokeswoman for the local unit said a cost efficiency plan is underway but no decisions have been made.