March 31 is set as the launch date for trading in the new AMP, incorporating AXA Asia Pacific Holding’s Australian and New Zealand businesses.
Government, shareholder, consumer and court approval have all been given ahead of the formal launch of this fifth pillar in the Australian financial services sector.
Most direct reports to AXA’s Chief Executive Australia and New Zealand, Warren Lee will now report directly to AMP Financial Services MD, Craig Meller. These include:
- Ian Campbell: General Manager Product
- Andrew Waddell: General Manager Financial Advice Networks
- Neil Swindells: Chief Executive ipac and Head of Advice
AXA’s General Manager Sales & Marketing Adrian Emery will join the AMP/AXA integration program, reporting to the leader of the integration team, Paul Sainsbury. AXA exec. Barry Wyatt will assume Mr Emery’s role in an acting capacity, reporting to Mr Meller.
Mr Meller has confirmed that AXA’s North product and platform will continue to be available to AXA financial advisers, independent financial advisers and their clients.
In a market briefing last month, AMP Limited Chief Executive Craig Dunn emphasised the importance of distribution in the company’s agenda to acquire AXA’s Aust/NZ operations:
“Clearly one of the key strategic planks of the merger is the broadened and expanded distribution footprint, the multi-branded distribution footprint of that business, when you bring it together with AMP to deliver significant scale and critical mass.”
“We see significant value in AXA’s multi-brand planner models and we want to work with financial advisers to fully understand the different value propositions in each of the models, and what we can do to support their growth,” added Mr Dunn.
Other executive appointments include:
- Head of the Office of the AXA Chief Executive Officer, Darryl Mackay, will join the AMP leadership team as Company Secretary and Head of Secretariat, reporting to Brian Salter, AMP General Counsel
- AXA’s General Manager Group Strategy and Chairman of ipac Arun Abey, will continue as Chairman of ipac but will step down from his Group Strategy role
- AXA’s Group Chief Actuary and Chief Risk Officer, Mike Thornton, will be Director Group Risk Management in the merged company, reporting to AMP Chief Financial Officer, Paul Leaming
All appointments will take effect from 31 March.
