Axa IM reveals UK staff numbers cut in restructure

Fund group initially said 40 employees would be cut

A fewer number of employees have been axed from Axa Investment Management’s UK business than was anticipated as it trims excess fat to become a “simpler and leaner” global business.

On Friday a spokesperson for the company confirmed that the number of people to get the chop in the UK was currently under 10 people.

This is much lower than the level of staff turnover Axa IM was first anticipating when it unveiled its restructuring plan in June this year. At the time the group postulated that up to 210 jobs could be at risk, including 40 positions in the UK, as it overhauled the business with the aim of becoming a truly global player.

The Axa IM spokesperson said that the numbers of redundancies ended up being lower due to internal mobility, redeployment of staff into other areas and natural attrition or resignations.

But the number of jobs in France that have been impacted has not been determined as the voluntary departure process is still ongoing. The asset manager initially said that 160 positions could be threatened.

Leadership changes

As was reported in June Francisco Arcilla and Bettina Ducat (pictured) have stepped into the roles of global head of institutional client group and global head of distribution client group respectively.

Christophe Coquema, who led the AXA IM Client Group teams until last June, will leave to pursue new opportunities.

Hans Stoter has also become the global head of Axa IM’s new core investments business unit, which combines its fixed income, Framlington equities and multi-asset investment platforms.

Core investments makes up one of four key pillars of the fund group’s revamped operating model, alongside client relationships, alternative and speciality investments and support functions.

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.

Stoter replaces Axa IM chief economist, global head of multi-asset client solutions and head of research Laurence Boone who left the firm to join the OECD. He joins from NNIP.

Axa IM confirmed on Friday that Matthew Lovatt will remain global head of Axa IM Framlington Equities after the restructure and will report to Stoter.

Stoter will continue to manage the fixed income and multi-asset portfolio management teams, the group added.

‘Simpler and leaner’ business

Axa IM CEO Andrea Rossi said the changes in senior leadership would help support the group in becoming a “simpler and leaner” organisation and expand its global footprint.

“The blend of global experience, leadership qualities and values of our management board give me a high degree of confidence in our ability to lead Axa IM through the next phase of its strategic journey in a focused and efficient way.”

The other management board members’ responsibilities have been confirmed as:

  • Jean-Christophe Ménioux, general secretary and CFO
  • Joseph Pinto, global chief operating officer
  • Heidi Ridley, CEO of AXA IM Rosenberg equities
  • Isabelle Scemama, CEO of AXA IM real assets
  • Amélie Watelet, chief transformation officer and global head of HR and communications

All changes to its leadership team will be effective from 1 January 2019.

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