Axa IM to cut 200 jobs in restructure

More than 200 jobs could go at Axa Investment Managers as part of a restructure that could save the firm €100m (£87.6m).

The company says in a statement it plans to bring in a new operating model that could see up to 40 jobs cut in the UK and 160 in France.

Axa IM chief executive Andrea Rossi says: “The steps we are looking to take not only respond to our industry challenges in terms of customer centricity but also provide Axa IM with an inspiring vision and roadmap for the future.

“Accelerating our strategy as an active manager thanks to new ways of operating and a simpler organisation, notably in the alternative investment space, while becoming even stronger in core investments will foster sustainable growth for the ultimate benefit of all our stakeholders.”

An Axa spokeswoman says the potential impact on portfolio and asset managers will be minimal.

Savings made will be reinvested in a number of areas, including alternatives, ESG investing and technology.

The company also announced a number of staff changes.

Fixed income head John Porter is leaving the company and will be replaced by Hans Stoter, who left Dutch fund manager NN Investment Partners last year. Stoter will also be resposible for Axa IM’s multi-asset business on an interim basis following the departure of Laurence Boone.

Former Framlington equities global head Mark Beveridge is also stepping down from the board and will be replaced by Matthew Lovett.

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