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Axa Elevate MD Jennings steps down in restructure

Axa Elevate managing director Martin Jennings has stepped down as part of a restructure which will see around 20 roles made redundant.

The restructure, announced last week, will see Axa Wealth create a new intermediary distribution division, which will include the Elevate platform.

Jennings was appointed Axa Elevate MD last September and is in talks with the company about other options.

Axa head of customer experience Ian Thomas is also leaving the firm. He quit Skandia to join Axa Elevate in 2007 to head the firm’s wrap proposition with Paul McMahon.

Thomas was head of marketing until 2010, when he became head of customer experience and online services.

As part of the restructure, Axa Elevate’s front and back-office activity will be moved from Bristol to Basingstoke to align it with the Axa wealth business.
Axa Elevate Bancassurance front and back-office activity will continue to be in Bristol.

Axa Elevate says around 200 new jobs will be created – 100 in Basingstoke in operations and 100 in Bristol.

The reshuffle also sees Nick Elphick take charge of all Axa Wealth customer service and operations and Cheryl Toner head its proposition division.

Axa Wealth head of PR and communications Paul Riddell says: “The changes are part of our ambition to develop a new wealth management business into a platform-led, investment based and adviser-focused new model operation. The changes reflect our desire to align specialism in the right areas.”

Finance and Technology Research Centre director Ian McKenna says: “This kind of thing is more significant in the platform industry because advisers make such a major commitment in partnering with a provider. The new team need to make a clear statement of commitment and direction.”

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