NZ share funds put on hold

Managed fund researcher FundSource have put all the actively managed New Zealand equity funds run by AMP Henderson on hold following changes to the portfolios' management team.

The position of portfolio manager, which was held by Stephen Walker, has been "dis-established" as past of a revamp of the group's structure, AMP Henderson managing director Catherine Savage says.

She says Walker is still with the company and is continuing his role managing the portfolios.

Savage says that "none of our processes have changed" and the funds "haven't lost any of their money."

"We are committed to staying (in New Zealand) and having a presence here," she says.

Walker's future role with the company is undecided. FundSource executive chairman David van Schaardenburg speculates that he will either be redeployed or will leave the firm.

Walker has been with AMP Henderson for six years and the funds he has managed have performed well.

"The removal of Stephen Walker as head of New Zealand's largest NZ equity investment group has come unexpectedly," van Schaardenburg says.

The departure has come only weeks after the appointment of Chris Wozniak as chief investment officer at AMP Henderson. Wozniak has been with AMP Henderson for 10 years and has headed up the fixed interest and foreign exchange operations. Previously, the managing director, Catherine Savage, held the CIO position.

Walker was responsible for a New Zealand equity pool totalling $1.2b, of which approximately $650m is managed actively. Walker led and developed the AMP Henderson equity team, which has developed a successful performance track record.

AMP Henderson's NZ equity team were first runners up in the FundSource NZ Equity Fund Sector awards in 2000 and AMP Henderson won the Fund Manager of the Year Award in 1999.

Van Schaardenburg says FundSource has put the two actively managed AMPH NZ share funds on hold, as well as the National Bank's NZ Equity Growth fund which was managed by Walker and his team. The funds affected are: AMP NZ Shares Trust, AMP PRP NZ Shares Fund and the Thoroughbred NZ Equity Growth Trust (National Bank).

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