AMP Capital has lost another key investment specialist following the resignation of senior New Zealand equities portfolio manager, Douglas Lau.

In a letter sent to clients, AMP Capital says Lau, recently-promoted to senior NZ shares portfolio manager and head of local listed property, left to "pursue personal interests".

A 13-year veteran at AMP, Lau only took on the senior portfolio roles after the group's deputy head of equities, John Phipps, left earlier this year to launch a boutique funds management business.

Another senior equity analyst, John Middleton, also exited AMP this month to head up Australasian research for ANZ in Auckland.

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AMP told clients it would review its entire NZ shares operation in light of the recent staff upheavals.

"AMP Capital will be considering how best to deliver our New Zealand equity management to our clients," the letter says. "Once the review is complete, we will be consulting with all of our clients and related parties."

The well-respected Guy Elliffe, head of NZ equities, and Jonathan Davis, senior analyst, will manage the approximately $1 billion portfolio until the review is finalised.

It is understood, AMP Capital has lost a few NZ equities clients of late following a period of indifferent performance and concerns about staff turnover.

According to the latest NZ fund manager investment survey published by actuarial firm Melville Jessup Weaver (MJW), AMP was ranked 11th out of 18 Australasian equity managers by performance over the last year and 11th out of 12 for the three years to September 30.

As well as managing money for a range of external wholesale clients, including the New Zealand Superannuation Fund, AMP Capital also runs NZ equities for associated entities such as the group's KiwiSaver scheme.

Mark Weaver, MJW chief, said Lau's resignation should give AMP a good opportunity to "get its shop in order, and build for the future".

An AMP spokesperson said Lau's exact departure date has yet to be determined.

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