A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
Sipek departs from AMP Capital
(Pictured: Peter Sipek)
Peter Sipek, director of investment services at AMP Capital, has resigned and left the firm, having headed up investment operations for AMP’s funds management arm since 2006.
An AMP spokesperson said that the recruitment process was underway and, until the position was filled, Sharon Davis, AMP Capital’s chief operating officer, would oversee the investment services team.
AMP Capital is generally considered as having the best investment services unit of any Australian funds manager. Perhaps because of its history, also, of owning a standalone asset-servicing business – the former Cogent – it also has a uniquely close relationship with its custodian, BNP Paribas. BNP acquired the London-based Cogent in 2002 for about A$400 million. The business had been spun off, in the 1990s, from the former AMP Administration Service. AMP is BNP Paribas’ largest client in Australia.
Before joining AMP as head of investment operations, Sipek held a similar position at Colonial First State for about eight years. Before that he worked at Prudential Portfolio Managers, Tulley & Tokyo and National Australia Bank.
He had been an executive director of AMP Capital since December, 2011.
