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AxaWealth cutting jobs in shake-up

Axa Wealth is segmenting its IFA clients as part of a restructure which puts 50 jobs at risk and will see the number of regional managers cut from nine to five.

Around 50 front-line sales roles are likely to be affected by the move. Axa says it is moving away from adviser support based on sales to a more tailored approach.

The restructure will mean the creation of a new team responsible for handling Axa Wealth’s bigger corporate accounts such as networks and a separate relationship management division for existing users of Axa’s Elevate wrap. Advisers will have a partnership manager to act as a single point of contact.

A third division will cater to advisers specialising in offshore business, while a fourth division will be responsible for new business development.

Axa Wealth managing director of marketing and distribution David Thompson says: “Our focused approach will mean we can offer specialist support in the areas that advisers say they need it most.”

Evolve Financial Planning director Jason Witcombe says: “It makes sense to offer more dedicated specialist support for different types of advisers.”


L&C adds portfolios to platform

Discretionary fund manager London & Capital has made its managed portfolios available through the Nucleus platform and is negotiating with two additional platforms. The firm’s 10 risk-graded portfolios are also available through Ascentric, Novia and Transact. L&C requires all its platform partners to have the technology that allows individual portfolios to be built on the […]

Tyrie shuns Govt proposals for Bank accountability

Treasury select committee chairman Andrew Tyrie says Government proposals to improve the governance of the Bank of England do not go far enough to address the committee’s concerns about its lack of accountability. The TSC and the Bank have been locked in a bitter battle over the reform of the Bank’s Court and its ability […]

Morgan Stanley sells Quilter

Morgan Stanley Smith Barney is selling wealth manager Quilter to private equity firm Bridgepoint. The terms of the deal have not been disclosed but Quilter has been sold “in partnership” with the management team. The sale is expected to complete in the first quarter. Quilter had a total of £7.6bn in funds under management at […]


Hester bonus to be less than £1m, say reports

Royal Bank of Scotland chief executive Stephen Hester is set receive an annual bonus of between £800,000 and £950,000. According to Sky News, RBS directors agreed the remuneration package yesterday with the announcement becoming public as soon as tomorrow. The bonus will consist of approximately 3 million RBS shares and will be deferred for three […]

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video


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