AMP Capital NZ chief Bevan Graham flags exit amid further departures

AMP Capital has been hit by a new round of departures in New Zealand, capping off a tumultuous week.

AMP has suffered a torrid week. Picture: Hollie Adams

AMP Capital was hit by a new round of departures on Friday as New Zealand chief Bevan Graham, and head of clients Greg McMaster announced their resignations, capping off a tumultuous week.

An AMP Capital spokeswoman confirmed the resignations on Friday, saying the business would undertake an internal and external search to fill the role of New Zealand managing director.

The departures come at the tail end of a horror week for parent entity AMP, which lost its chairman David Murray and fellow director John Fraser due to investor angst over the promotion of Boe Pahari to lead AMP Capital despite a sexual harassment complaint dating from 2017.

Mr Pahari was demoted to his former role on Monday, in an announcement that outlined the board changes. Debra Hazelton took the reins as chairman.

Friday’s flagged departures follow a handful of resignations from AMP Capital, announced earlier this week, including global equities investment chief David Allen, Australian equities boss Genevieve Murray and co-head of sustainable investment Emily Woodland.

Ms Murray has been appointed to run listed equities at the Future Fund,

Separately, portfolio manager Kristen Le Mesurier, who oversees some of AMP Capital’s diversified multi-asset funds including the Ethical Leaders Balanced Fund, is also stepping down from her position to take up a new role outside AMP.

The Australian understands that after working out a notice period she will head to Platypus Asset Management.

AMP’s statement on Friday said: “Kristen has played an instrumental role in integrating AMP Capital’s ESG (environmental, social and governance) philosophy across all asset classes and advocating for positive change throughout the industry.”

Mr Graham joined AMP more than a decade ago, and was also the NZ chief economist. AMP Capital said he would stay in his role until January, to oversee a succession process, before formally stepping down.

The company’s statement said he had been “instrumental in delivering” AMP Capital’s strategy and growing its business in NZ.

Mr McMaster will leave AMP Capital after eight years.

AMP Capital appointed Darren Beesley and Fiona Manning as co-portfolio managers of the Ethical Leaders Balanced Fund products.

Mr Pahari was demoted this week and former AMP Australia boss Alex Wade left suddenly early this month, over conduct issues. Mr Wade is understood to have sent lewd photos to a female colleague.

Separate allegations raised this week — by Labor Senator Deborah O’Neill under parliamentary privilege — told of a former employee of AMP who detailed allegations of groping, threats and a senior colleague rubbing his genitals against her.