AMP Capital New Zealand has named its head of fixed income, Grant Hassell, as managing director, replacing Graham Law, who departs after six years.

Hassell has been local head of fixed income since 2006 and is a 28-year veteran of the firm. He takes over a firm with more than $19 billion under management in New Zealand. Law joined AMP capital in 2007 and was named managing director in 2009.

The local unit of the Australian wealth management group has overhauled its local funds management business in the past 12 months, including the decision to outsource about $690 million in active New Zealand equity funds to boutique firm Salt Funds Management starting this month, following the departure of its in-house equities team.

Hassell will retain his position as head of fixed income.

"Grant is highly regarded in the New Zealand market for his leadership of AMP Capital's consistently award-winning fixed income team," said Stephen Dunne, AMP Capital's chief executive. "His appointment as managing director enables this leadership capability to be extended across the business."

Hassell's immediate priority will be "to build on AMP Capital's market-leading position in key investment capabilities and deliver on its growth strategy as it continues to meet the needs of existing and prospective clients," Dunne said.