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Axa retail chief Ellis leaves after takeover

The shakeout has started at Axa following its takeover of Framlington, with high- profile Axa head of retail Simon Ellis leaving the merged group after just 18 months with the firm.

Axa sales director Tony Maddock has also left the company to join Scottish Widows Investment Partnership but Ellis is believed to be taking time out from the industry.

Framlington group sales and marketing director Nick Hodgson keeps his role across the new group.

The two companies are yet to decide whether the merged make a decision on whether to use the Framlington or Axa offices.

Maddock will lead Swip’s specialist retail team to supp- ort direct distribution to the IFA market. He will report to head of distribution Simon Wombwell and will be based in London.

Chelsea Financial Services head of research Juliet Schooling says: “Ellis’s departure is surprising as we were expecting him to play a role in the business.

“Because of Framlington’s fund management talent, they seem to be holding all the cards but the process of dec- iding who stays has been a little drawn out.”

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