AMP Capital taps Kylie O’Connor to head real estate unit

Funds management giant AMP Capital promotes internal candidate to head $28bn commercial real estate business.

AMP Capital remains a linchpin of the financial service's company strategy and the property business will now be headed by veteran executive Kylie O’Connor. Picture: Supplied

Funds management giant AMP Capital has promoted an internal candidate to head its $28bn commercial real estate business in the wake of high-profile former executive Carmel Hourigan leaving.

AMP’s influential funds arm was last month rocked by the departure of global property chief Ms Hourigan, who is leaving the company to head Charter Hall’s office unit after five years expanding the business.

The once blue-chip fund manager has been under siege since it emerged that its new chief executive, Boe Pahari, had been appointed despite a $500,000 fine for past sexual harassment.

Ms Hourigan, the most senior female executive at AMP Capital, was a contender to run the business after taking the property unit offshore, and three other senior executives also exited as the business.

Boe Pahari. Picture: Britta Campion

AMP Capital remains a linchpin of the financial service‘s company strategy and the property business will now be headed by veteran executive Kylie O’Connor.

Ms O’Connor is currently AMP Capital Real Estate’s chief operating officer and also runs the separate accounts business. The overall property business spans institutional and retail investors and both equity and debt investments.

She joined AMP Capital in 2015 as fund manager for AMP Capital Diversified Property Fund, before taking on the role of COO in 2018. She has 25 years experience in property funds management including roles at Lendlease and Arthur Andersen.

The company‘s managing director, office and logistics, Luke Briscoe will step up to become chief operating officer, real estate, and also lead the $10bn separate accounts business.

The moves come amid speculation that rival property groups will seek to capitalise on the turmoil at AMP Capital to pick up mandate or even target its funds.

Ms O’Connor will report to Mr Pahari and join AMP Capital’s leadership group.