AMP's NZ chief changes companies rather than cities

By PAULA OLIVER

AMP has lost its high-profile local boss after attempting to relocate him from Wellington to Auckland.

Ross Kent, the managing director who steered AMP's New Zealand arm through the group's demerger last year, yesterday resigned to take up a position as general manager of Alliance Capital New Zealand.

Kent was headhunted to fill the role - and part of the reason he accepted was because he did not want to move his family to Auckland.

"The relocation is absolutely the right thing for the business, but from a purely personal point of view, I couldn't make it work for my family," Kent said.

His role would have eventually demanded regular travel between the two cities, and Kent said that would have put pressure on his family and health.

AMP has been progressively relocating jobs - mainly in its adviser support section - to Auckland from its headquarters in the capital this year.

In April the company said 38 jobs were relocating to Auckland, but that Kent would stay in Wellington for the "foreseeable future".

Staff in the Wellington office were surprised and saddened by Kent's departure.

The shift to Auckland is backed by AMP's group chief executive, Andrew Mohl.

Kent has been with AMP since 1998. He worked for the company in the UK and took over as managing director of the New Zealand arm 2 1/2 years ago.

Kent presided over a local arm that continued to post profits during the group's painful demerger.

He has been a high-profile advocate for lifting New Zealanders' savings rate.

In May Finance Minister Michael Cullen appointed him to the Savings Product Working Group, which has until the end of the month to come up with ideas to increase the number of work-based savings schemes.

Last night Kent said that advocacy work would continue from his new position.

"That's something that's very important to me. I want to influence change in that market," he said.

Alliance Capital, which manages over $4 billion for New Zealand clients since entering a joint venture with AXA in 2001, was yesterday clearly happy to have got its man.

"Ross is one of the most impressive people I have interviewed in the past 20 years," Alliance Capital Management Australia chief executive Michael Bargholz said from Sydney.

At Alliance, Kent will work closely with the heads of departments, including equities boss Andrew Bascand.

AMP has appointed Stephen White as an interim local managing director. He has been with the company for 38 years and will relocate from Australia to Auckland.

A domestic and international search that could take three to four months will begin shortly.

Kent said he felt that the hard work at AMP had been done.

"We've sort of pushed the little red engine to the top of the hill and the momentum is about to take off. From a satisfaction point of view I'm going to miss all the good bits," he laughed.