AMP research partners under review

AMP Financial Services New Zealand hasn’t decided yet whether to follow its Australian counterpart in switching its preferred research partners.

Friday, September 21st 2012, 6:00AM

by Niko Kloeten

In Australia AMP has dumped van Eyk Research and Mercer (which was AXA’s research partner) as its preferred partners and will partner with Morningstar for research consultancy services from October 1.

However, AMP New Zealand said it’s still business as usual on this side of the Tasman while a review is conducted over the next few months, with the result unlikely to be decided this year.

In a statement AMP said it was“committed to making independent wealth management research advice available to our Advisers. A review is underway in New Zealand to make sure we're best using all capability.

The company said it was reviewing “all market leading research providers” including itsexisting partners Van Eyk and Mercer.

“The review will focus on the research capability and the delivery of this research to assist Advisers in providing the best possible investment solutions to their clients.

“Our aim is to appoint a single provider of independent research, to enhance the suite of services and tools provided to Advisers who use AMP’s wealth management products and platforms. This includes the provision of desktop research - a service we deliver to all Advisers who use WealthView.

“While the review is being undertaken there are no changes to current services. We expect to provide a further update in January.”

Losing AMP would be a blow for van Eyk’s business in New Zealand, after it entered the country in 2009 on the back of what at that point was an exclusive agreement with AMP.

Van Eyk wouldn’t comment and referred inquiries to AMP.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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