Axa IM said the changes to the business could impact 160 positions in France and 40 positions in the UK.
An Axa IM spokesperson would not tell Portfolio Adviser how many investment professionals would be axed but said it is “projected to be minimal”.
The changes are set to be implemented in Q4 2018 following consultation with staff.
ESG and data science
In an additional stage, set to be completed by 2020, the asset management division of parent company Axa will spend €100m beefing up four areas of client focus: alternatives; ESG integration; digital and advanced data analytics capabilities; and quant and data science skills.
Tilney’s managing director Jason Hollands said Axa IM chief executive Andrea Rossi (pictured), who he met with last week, has big ambitions to grow the firm in to a truly global player.
Despite axing a number of UK staff, Rossi is intent on increasing UK market share, Hollands said.
“The new management team and organisational structure is aimed at calibrating the organisation around four pillars and implicit in this is some streamlining of functions across the globe where there might currently be some country level overlap or duplication,” he said.
As part of the restructuring plan, Axa IM’s operating model would split in to four pillars: client relationships, core investments, alternative and speciality investments and transversal support functions.
Rossi said in a statement that the changes respond to industry challenges in terms of customer centricity.
Arrivals and departures
Chief economist, global head of multi-asset client solutions and head of research Laurence Boone will depart Axa IM to join the OECD as part of the changes.
Taking Boone’s place will be Hans Stoter who joins Axa IM as global head of fixed income from NNIP.
Chelsea Financial Services’ managing director Darius McDermott played down the impact on investors.
“While the changes will obviously have an impact on the organisation and its employees, they should have a minimal impact on their clients.”
He added that the fact the company is investing for the future is a positive for the long-term.
Additionally, Mark Beveridge, Christophe Coque and John Porter have also stepped down from the management board.
The following members will be reporting to Rossi as part of a renewed management board:
- Francisco Arcilla as global head of sales
- Bettina Ducat as global head of product, retail and institutional development
- Matthew Lovatt as global head of AXA IM Framlington Equities
- Jean-Christophe Ménioux as general secretary and CFO
- Joseph Pinto as global chief operating officer
- Heidi Ridley as CEO of AXA IM Rosenberg Equities
- Isabelle Scemama as CEO of AXA IM real assets
- Hans Stoter as global head of fixed income
- Amélie Watelet as chief transformation officer and global head of HR and communications
