AMP appoints head of real estate business

Kylie O’Connor will join AMP Capital’s leadership team after being appointed as head of real estate business, effective immediately.

Ms O’Connor previously served as AMP Capital Real Estate’s chief operating officer and managing director, separate accounts.

She replaces Carmel Hourigan, who AMP confirmed will be leaving the business.

Ms O’Connor will be responsible for managing more than $28 billion of commercial real estate assets on behalf of institutional and retail investors.

This will include the management of AMP Capital’s integrated fund, investment, development and property management platform, as well as its strategic global partnerships.

Commenting on the appointment, AMP Capital CEO Boe Pahari said: “I am delighted to appoint Kylie O’Connor to lead our real estate business, recognised as one of the largest and most experienced wholesale property managers in the Asia Pacific and key to our real assets strategy. 

“Kylie is a great leader and her promotion is testament to the strong talent within AMP Capital’s real estate team. Highly regarded by our clients, our team and within the industry, she’s ready to lead the next phase of growth for our real estate business.

“Kylie has a deep breadth of both commercial and real estate investment experience and will bring a strong focus on delivering investment outcomes for our clients. I also value her contribution to the wide and diverse views in the leadership group.”

Ms O’Connor added: “I’m pleased to be appointed to lead this first-class real estate business and join Boe’s leadership team. 

“With over 60 years’ heritage in managing iconic real estate for local and global investors, we have an excellent foundation of depth of talent, premium assets and great client relationships on which to grow the business.   

“While COVID-19 has created challenges for the industry, we’re constantly engaging with tenants, customers and investors to find the right outcome, and I’m confident in our ability to deliver for our clients, our people and our shareholders.”

AMP Capital has also announced that Luke Briscoe will assume the role of chief operating officer, real estate, effective immediately

Mr Briscoe will be charged with overseeing operations of the business and “seeking opportunities to enhance the real estate platform”. 

He previously held the position of managing director, office and logistics, and will now manage approximately $10 billion across the separate accounts business.

 Ms O’Connor added: “I am proud of the high calibre of talent in our real estate business and look forward to continuing to work closely with Luke and the rest of the real estate leadership team who are united in our commitment to lead the business into its next chapter of growth.”

 AMP Bank cuts mortgage rates

 Meanwhile, AMP Bank has reduced variable interest rates for new owner-occupier, principal and interest home loans by up to 14 bps, with rates now starting from 2.59 per cent.

 Following the announcement, Michael Christofides, AMP Bank’s director, retail solutions, said: “We know accessing a competitive home loan interest rate is more important than ever to Australians.

 “We want to support borrowers to achieve their property goals and own their home sooner with access to one of the most competitive interest rates in the market.”

 The changes are effective for new loans from Wednesday, 5 August. 

[Related: AMP Bank holds firm as group sheds billions]