Adam Tindall

AMP Capital has completed the divestment of A$440 million worth of tobacco manufacturing-related holdings from its portfolios, representing the largest divestment of tobacco securities by a fund manager in Australia.

The divestment follows the introduction of a new ethical framework, announced by AMP Capital in March 2017, which included the decision to divest from tobacco securities across all equity and fixed income holdings.

In addition to the landmark divestment, AMP Capital has become a founding signatory of the Tobacco-Free Finance Pledge launched at an event at the United Nations General Assembly in New York.

The pledge marks a global movement that promotes the adoption of tobacco-free finance policies within financial services and has been developed in line with the United Nations’ Sustainable Development Goals and the World Health Organisation Framework Convention on Tobacco Control.

AMP Capital collaborated with Tobacco Free Portfolios, United Nations agencies, and global peers in the financial services industry to develop the pledge, bringing its experience in ethical investment and demonstrating that strategies toward tobacco-free finance do exist for large commercial organisations.

Speaking at the launch in New York, AMP Capital CEO Adam Tindall commented: “AMP Capital is proud to be a founding signatory of the Tobacco-Free Finance Pledge.  As a global investment manager, we firmly believe in responsible investment and company engagement to drive meaningful change, however in the case of tobacco no level of engagement can resolve the inherent dangers involved with their products.  Our tobacco-free position, established in March 2017, reflects changing attitudes of our clients who don’t want to be invested in harmful products.

“The pledge builds on our existing approach, which included the introduction of a new ethical decision-making framework in March 2017 and a commitment to divest A$440 million worth of tobacco manufacturing-related holdings from our entire portfolio. We announce this process is complete, making it the largest divestment of tobacco securities by a fund manager in Australia.

“We’re pleased to bring our knowledge and expertise as a founding member of the pledge, and encourage all investors to consider adopting their own minimum standards in relation to tobacco.  Our ethical framework has shown it is possible to reconcile complex ethical issues in institutional investing while contributing to a sustainable future that creates long-term value for our investors, the environment and the community.”

As part of its 2017 commitment, AMP Capital has also completed the divestment from manufacturers of cluster munitions, landmines, chemical and biological weapons representing more than A$130 million in securities.

Yesterday’s announcement builds on AMP Capital’s longstanding commitment to ESG and responsible investment, and reflects the continued momentum in integrating ESG factors into its investment process across all asset classes.

AMP Capital has recently been recognised for its strong ESG performance receiving A and A+ ratings in the annual reporting and assessment of signatories to the Principles for Responsible Investment (PRI).

AMP Capital also participates annually in the GRESB rankings, an ESG benchmark for real assets.  Three of AMP Capital’s eligible infrastructure funds placed in the top ten global rankings, with each fund also rated in the top five within its sector peer group.  Solid rankings were also achieved across AMP Capital’s flagship real estate funds.

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Mr Moorhead replaces Margaret Payn, who is returning to the UK for family reasons after five years at AMP Capital.  Ms Payn will transition her responsibilities to Mr Moorhead when he joins AMP Capital on 30 April 2018 in London.  Mr Moorhead will relocate to Sydney in June.

Mr Moorhead was most recently the London-based COO of Eight Roads, the investment arm of Fidelity International.  He previously spent 11 years at Virgin Group in Sydney, London and Geneva where he held a variety of positions including Group CFO, Group Corporate Finance Director and Investment Director.  Mr Moorhead also has extensive investment banking experience in London and Sydney.

AMP Capital CEO Adam Tindall said: “I’d like to thank Margaret for her outstanding contribution to AMP Capital as CFO and COO.  She has been instrumental in helping us to grow internationally and leaves our business in great shape.

“We are fortunate to have found in JP a worthy successor, reflecting the momentum in our business.  JP’s deep knowledge of capital markets and his international experience are an ideal fit for AMP Capital as we continue to execute on our global growth strategy.”

Mr Moorhead will replace Ms Payn on AMP Capital’s responsible entity and trustee boards including the AMP Capital Funds Management Limited and AMP Investment Services Pty Limited boards.

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Adam Tindall

AMP Capital has opened a new representative office  in Dubai and appointed an Institutional Director, Sudhanshu Garg, who will be  responsible for introducing AMP Capital’s real assets capabilities to clients across the Gulf Cooperation Council (GCC).

AMP Capital CEO Adam Tindall; Boe Pahari, Director,  North West Region at AMP Capital; Andrew Jones, AMP Capital Global Head of  Infrastructure Debt; and Mr Garg officially opened the new office at a launch event in Dubai attended by clients and prospective investors.

The office is located within the Dubai  International Financial Centre Authority (DIFC), the financial services hub for the Middle East, which offers companies unparalleled access to the broader  region.

Mr Pahari said: “As AMP Capital continues its  global expansion strategy, it makes sense to have an on-the-ground presence in  Dubai, which is the gateway to the Middle East and a potential high-growth market for us.

“AMP Capital has built strong relationships with clients in the GCC over many years and the appointment of Sudhanshu, with his  strong financial services experience and excellent local networks, provides us the opportunity to further cement our presence in this important and  fast-growing region.”

Middle East institutional investors were among the clients who committed money to AMP Capital’s Infrastructure Debt Fund III, which  reached final close in August 2017 after exceeding its US$2.5 billion hard cap and attracting a further US $1.6 billion in commitments. The fundraise is believed to be one of the largest in the world for an infrastructure debt strategy.

Mr Garg has more than 23 years’ experience across a broad range of banking and financial services roles. He has held senior management roles at ABN Amro in Dubai and later as a Senior Vice President at Royal Bank of Scotland where he was Head of Financial Institutional business for the Middle East.  Most recently he was managing a consultancy business in Dubai where he was instrumental in advising on various investment product development, product structuring and managing key external relationships on behalf of the business.

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Following the  appointment of John Nesbitt (Chair), Ming Long and Peter Rowe, the AMP Capital  Funds Management Limited (AMPCFM) and AMP Investment Services Pty Limited  (AMPIS) boards will comprise a majority of independent, non-executive  directors. They will serve alongside executive directors AMP Capital CEO Adam  Tindall and AMP Capital CFO and COO Margaret Payn.

In  addition, Mr Nesbitt, Ms Long and Mr Rowe will be the members of the AMPCFM and  AMPIS Audit and Risk Committees, which will be formed to assist the boards.  They will also serve as the three external members of the reconstituted Managed Investment Schemes Compliance Committee for AMP Capital’s other REs, ipac Asset  Management Limited and National Mutual Funds Management Limited. Ms Long will chair these committees.

AMP  Capital CEO Adam Tindall said: “I’m delighted to welcome John Nesbitt, Ming  Long and Peter Rowe to our two AMP Capital RE and trustee boards. All three have a wealth of industry experience and will enhance the governance of our domestic  investment offerings while allowing for increased independent oversight.

“AMP Capital  is committed to operating to the highest standards of corporate governance to  best serve and protect our clients and investors. While we have always complied  with the regulatory requirements in relation to independent oversight, we have  decided to go one step further and increase the independence of these boards.

“This is a  positive step for our clients, investors and AMP Capital, ensuring strong  investment management and safeguarding our culture of prioritising strong  governance.”

The  appointments are effective 28 July 2017.

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Adam Tindall

Manufacturers of tobacco, cluster munitions, landmines, biological and chemical weapons to be excluded from portfolios

AMP Capital is furthering its commitment to responsible investing by introducing a new decision-making framework where, in exceptional circumstances, it may exclude companies or sectors on ethical grounds within its entire investment portfolio.

The new framework has been incorporated into AMP Capital’s existing Environmental, Social and Governance (ESG) and Responsible Investment Philosophy, which is applied across the business.

Under the framework, AMP Capital considered all sectors in which it invests and has concluded that manufacturers of tobacco, cluster munitions, landmines, biological and chemical weapons do not meet the minimum ethical standards required and will be excluded from its investable universe.

Approximately A$440 million worth of tobacco manufacturing-related equity and fixed income holdings will be divested from AMP Capital’s portfolios.

This is the largest divestment of tobacco securities to date in Australia.

Approximately A$130 million is invested in manufacturers of cluster munitions and landmines, and will also be divested. There are no companies with known exposure to chemical or biological weapons in AMP Capital’s portfolios but going forward they will be excluded from the investable universe.

AMP Capital will be one of the largest investment managers in Australia to implement exclusions on tobacco, cluster munitions, landmines, biological and chemical weapons across all of its portfolios where it is responsible for the investment management.

No other sectors are being considered for exclusion.

AMP Capital CEO Adam Tindall said: “AMP Capital has a long-term focus on responsible investing supported by an integrated approach to considering ESG factors across all asset classes. This provides greater insight into the potential risks and opportunities that may impact the value, performance and reputation of companies we invest in on behalf of our clients. It is consistent with AMP’s commitment to building a sustainable future and creating long-term, shared value for our customers, shareholders, employees, the community and the environment.

“The new framework complements our existing approach to addressing ESG investment risks by helping us to resolve complex ethical issues as they arise. It reflects the changing attitudes of our investors, who increasingly do not want to be invested in harmful products.”

AMP Capital has been working on the development of a principles-based framework that establishes minimum ethical standards to be applied across the portfolio since September 2014. Previously, AMP Capital dealt with ethical issues as part of its ESG analysis on a case-by-case basis and by offering responsible investment options to customers.

The new framework recognises and applies degrees of ‘harm’ or the ‘denial of humanity’ of another person as determining factors. It also takes into account other factors such as whether there are international conventions that prohibit or control the use of a company’s products.

Tobacco manufacturers have been excluded under the framework because their products are highly addictive, cannot be consumed safely and impact non users via second-hand smoke. Cluster munitions, landmines, biological and chemical weapons manufacturers are excluded because their products indiscriminately kill through normal use (including during peacetime) and their use leaves a legacy of significant and specific danger for civilians.

Mr Tindall noted: “We are not prepared to deliver investment returns to customers at any cost to society. This position has been affirmed through consultation with major institutional clients and engagement with retail customers. We also engaged with recognised experts in the field of business ethics to develop the framework including Dr Simon Longstaff from The Ethics Centre.

“It’s important to note we are only excluding certain companies or sectors by exception. AMP Capital still firmly believes in company engagement in order to effect meaningful change. In the case of tobacco, cluster munitions, landmines, biological and chemical weapons manufacturers, however, no engagement can override the inherent dangers involved with their products.

“We can meet our fiduciary obligations to investors and our obligations to be a responsible fund manager, delivering strong investment returns that continue to meet client objectives. Our analysis has found that our funds can continue to be managed effectively under this new framework without compromising investment objectives.”

Exposure of all excluded companies is held within the global equity and global fixed income funds managed by external fund managers on behalf of AMP Capital’s Multi-Asset Group.

Divestment will begin once AMP Capital updates the product disclosure statements (PDSs) for the impacted funds. Updating the PDSs will occur progressively over the course of 2017.

The external fund managers with impacted portfolios will be instructed to progressively sell down their holdings of excluded securities in a reasonable manner. This may take up to 12 months from time of formal notification.

Impacted investors will be notified prior to the changes being made to the portfolios.

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Adam Tindall

AMP Capital has announced changes to its global business model and leadership team  to deliver even better services and support to clients.

The changes involve investing in distribution, emphasising investment expertise and  developing a more global operating platform.   They aim to accelerate AMP Capital’s growth and support the business’s  international expansion.

AMP Capital CEO Adam Tindall said: “The global business model has been enhanced to  help us to align our resources more effectively as we tailor our support and  offerings across regions.  It will assist  us in better engaging with our clients and partners wherever they are located  as we deliver an outstanding end-to-end investment experience.

“The  changes I’ve announced today are focused on building a stronger, more globally  competitive organisation in order to achieve our goals. AMP Capital will continue to evolve as we  invest in client-facing functions and investment capabilities.”

AMP Capital will orient and bolster its distribution teams around client groups in  three regions – Australia and New Zealand, the North-West region (Europe,  India, Middle East and the Americas) and Asia – and has appointed an executive  for each region.

Craig Keary, who currently leads distribution in Australia and New Zealand, becomes Director, Australia and New Zealand.

Boe Pahari will take on leadership of the distribution functions supporting the  North-West region while continuing to manage the Infrastructure Equity business  as Global Head Infrastructure Equity and Director, North-West.  Managing the Global Infrastructure Fund  remains a key focus of his role as well as maintaining the separation between  the infrastructure debt and equity businesses.

Anthony Fasso, currently Director, International, will now focus on distribution and  strategic partnerships in Asia and lead global coordination of client and  consultant coverage.  He will take on a  new role as Global Head of Portfolio Strategy and Director, Asia. This role also incorporates corporate  portfolio strategy responsibilities, which include seeking opportunities for  inorganic growth to accelerate AMP Capital’s strategy.

AMP Capital will also bring its operations and finance functions under one combined  Chief Financial Officer (CFO)/Chief Operating Officer (COO) role, which will be  held by Margaret Payn, who is currently AMP Capital’s CFO.

The creation of the three regional distribution leadership roles and the  introduction of a combined CFO/COO means the role of Director of Australia and  New Zealand and COO, held by Sharon Davis, is no longer required.

Mr Tindall added: “Sharon has made an exemplary contribution to AMP Capital and AMP and I am working with her to consider other opportunities across the AMP  Group.”

AMP Capital’s strong investment teams, led by Mark Beardow (Global Equities and  Fixed Income), Carmel Hourigan (Property), Sean Henaghan (Multi-Asset Group),  Andrew Jones (Infrastructure Debt) and Boe Pahari (Infrastructure Equity),  remain unchanged.

AMP Capital is a specialist investment manager, with a heritage and strength in  real estate and infrastructure, and specialist expertise in fixed income,  equities and multi-asset solutions.AMP Capital has A$160 billion in  funds under management as at 31 December 2015 and more than 250 investment  professionals.

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Ms Hourigan will be responsible for delivering the strategy, growth and investment performance of AMP Capital’s $19 billion property investment and management  business and replaces Adam Tindall, who was recently announced as the new  Managing Director of AMP Capital when Stephen Dunne retires in October 2015.

Mr  Adam Tindall said: “I am very pleased Carmel will be joining AMP Capital’s  leadership team and heading our significant property business.

“Carmel  is a property investment professional of the highest calibre and is highly regarded by those in the property and funds management industries. Her extensive experience in both wholesale  managed funds and retail asset management will be invaluable in both driving investment  performance and delivering our $5 billion development pipeline.  I look forward to working with her as we look  to continue to build strong, trusted relationships with clients and grow our  business both domestically and internationally.”

Ms Hourigan has more than 20 years of experience in property and funds  management, having held Managing Director, CEO and CIO positions in both public  and private markets.  She has served in senior positions at Lend Lease, Challenger and Colonial First State. Ms Hourigan joins AMP Capital from The GPT  Group where she most recently held the role of Chief Investment Officer. She is also the Vice  President of The Property Council of Australia.

Ms  Hourigan said: “I am excited to be joining AMP Capital, which has a strong heritage in funds management and providing compelling property investment  opportunities. I was attracted by the  strength of the people, platforms and assets and look forward to building upon  the underlying quality of the property business and taking it to the next  level.”

Ms  Hourigan will take over as Global Head of Property in early November 2015.

– See more at: http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2085736#sthash.Q7rVahzE.dpuf

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Adam Tindall is currently AMP Capital’s Director and Chief Investment Officer, Property.

AMP Chief Executive Officer Craig Meller welcomed Mr Tindall’s appointment: “Adam is a talented leader who’s played an integral role in developing AMP Capital’s strategy and has led the delivery of key projects over the last six years.

“Adam will continue the focus on driving AMP Capital’s international and domestic growth and outstanding investment performance.”

Mr Tindall will start in his new role in October 2015 after a period of transition alongside Mr Dunne.

AMP Capital is a specialist investment manager that manages over $160 billion across a range of asset classes including equities, fixed interest, property and infrastructure. It is also responsible for AMP’s investment management, investment performance and Asian expansion.

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