Investors pulled some A$69m ($51m) from ESG funds managed by AMP Capital last quarter, according to figures from Morningstar - marking the fifth consecutive quarter of net outflows for the troubled Sydney-based asset manager’s sustainable funds range.
Morningstar’s Global Head of Manager Selection, Grant Kennaway, attributed the outflows to the loss of key investment staff at AMP Capital, and recent corporate instability.
“During the 12 months to 31 Dec 2020, AMP Capital changed CEO three times and experienced significant turnover within its senior leadership team,” he told RI. “Team stability has been an issue with numerous changes and restructurings throughout 2014-18. This trend continued with further investment staff departures throughout 2020. Therefore, team culture and morale are a concern for us.”
AMP Capital faced criticism last year over its decision to promote Boe Pahari to CEO, despite being aware of a sexual harrassment cas…