February 8, 2019
AMP has announced a re-shaping of its senior management teams in Australia and New Zealand.
Headlining the changes include the appointment of Megan Beer to the role of Chief Executive of AMP Life and Alex Wade to head up a single AMP Wealth division.
Megan Beer will head that part of the AMP business – its wealth protection and mature businesses in Australia and New Zealand, which is to be sold to Resolution Life. Beer will also head the Resolution Life Australasian region.
Prior to this appointment, Beer led AMP’s insurance business for the past five years, having joined the insurer from NAB in 2014.
The sale of AMP’s wealth protection and mature businesses to Resolution Life Group is expected to complete in the second half of 2019.
Alex Wade will lead an expanded Australian wealth management portfolio bringing together AMP’s advice, wealth management, product and customer solutions teams. His brief is to “…redefine AMP’s wealth management model to focus on strengthening client outcomes and restoring momentum in the new regulatory environment.”
The wealth manager has noted its current Group Executive, Wealth Solutions & Customer, Paul Sainsbury, will remain with the group for an interim period to support Wade in ensuring a smooth transition to a single wealth division.
In addition to these two key appointments, AMP advises that incumbent, Blair Vernon, will lead AMP’s New Zealand advice and wealth operations and that he will continue to lead AMP’s New Zealand wealth protection and mature operations for an interim period as they transition into the AMP Life business under Megan Beer, ahead of separation later this year.
AMP released the following chart that reflects its changed AMP Group structure: