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Axa IM to cut 210 jobs as part of major overhaul

Cutting_jobsAxa Investment Managers, the asset management arm of the French insurance group Axa, is to cut up to 210 jobs as part of a major restructuring of its business and has also announced changes to its executive board.

The Paris-based firm also said it would invest €100 million in technology as well as alternative and responsible investment in an attempt to move towards “a simpler and more customer-focused organisational structure” better aligned to its clients’ needs.

In a statement, the €745 billion asset manager said that the changes would sharpen its operating model and protect competitiveness.

Most of the job cuts, to be implemented by the fourth quarter of this year, will be in France (around 160) and the UK (around 40) from a total global workforce of 2400.

Axa IM chief executive Andrea Rossi said: “I believe the steps we are looking to take not only respond to our industry challenges in terms of customer centricity but also provide Axa IM with an inspiring vision and roadmap for the future.”

The shake-up of Axa IM’s management board will see the departure from the company of its global head of fixed income John Porter.

Mark Beveridge, head of Axa Framlington, and Christophe Coquema, head of client group, will also step down from the management board but will remain with the company.

They will be replaced by Hans Stoter, who joins as global head of fixed income, Matthew Lovat, the new global head of Axa Framlington and Amélie Watelet, chief transformation officer and global head of human resources and communications.

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