AMP CEO Francesco De Ferrari said the new group structure delivers a clear focus on the group’s priorities: reinventing wealth management, separating the wealth protection and mature businesses, and propelling change and efficiency across the group.
Mr De Ferrari commented, “2019 will be a significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team.”
Craig Ryman has been appointed to the expanded role of COO.
In wealth, Alex Wade, recently appointed group executive, advice, will lead an expanded portfolio bringing together AMP’s advice, wealth management, product and customer solutions teams.
Mr Wade will be responsible for redefining AMP’s wealth management model to focus on client outcomes in the new regulatory environment.
Paul Sainsbury, currently group executive, wealth solutions and customer, will remain with the group for an interim period to support Mr Wade in ensuring a smooth transition to a single wealth division.
“In Australia’s wealth management, I am confident that, under Alex Wade’s leadership, we will be able to reinvent our wealth management business to better compete in the new regulatory environment,” Mr De Ferrari said.
“I’d like to thank Paul Sainsbury for his ongoing support in establishing our new structure and his years of outstanding service to the group.”
Megan Beer is being appointed as CEO, AMP Life and head, Resolution Australasia, on the separation and transfer of AMP Life to Resolution Life.
The separation is expected to be finished in the second half of the year.
AMP said Ms Beer’s appointment will drive the parting and ensure a seamless transition for customers and employees.
Post completion, AMP will continue to have a minority interest in Resolution’s business in Australia.
Blair Vernon will lead AMP’s New Zealand advice and wealth operations, and will continue to manage the NZ wealth protection and mature operations for an interim period as they transition into the AMP Life business under Ms Beer, ahead of separation.
“Today’s changes establish clear accountabilities for a successful separation of the insurance and mature businesses this year and setting up the future direction of the new AMP,” Mr De Ferrari said.
Management of AMP’s other divisions remain unchanged.
Lipstick and pigs
They can say all they like but AMP will not survive. After all, who is going to deal with them?
It is a rotting carcass and only a matter of time before they disappear one way or the other.
But hey, Meller’s boy Sainsbury moves on shortly, with his special ”appear in front of the royal commission” bonus.
Yes, a tearful Sainsbury wasn’t to be the next CEO after his mate belatedly fell on his sword, but Paul decided to take the additional six-figure addition on his goodbye package to appear in front of the royal commission. A lot of prep and practice for a piddly 30 minutes on the stand. Not bad work if you can get it. Shareholders must be so happy.
Perfect example of vertical integration and conflict of interest in Alex Wade’s appointment to manage those areas of AMP
You couldn’t script this “[i]Alex Wade, recently appointed group executive, advice, will lead an expanded portfolio bringing together AMP’s advice, wealth management, product and customer solutions teams.[/i]” So he now controls the Product, Investment Options and the Advice? Middle finger up to the RC. Now even more vertically integrated!
Lol yeah Hayne himself said conflicts cant be managed and must be eliminated… Then he says vertical integration is ok ignoring all data that companies disregard best interest duty and recommend their own products more than 50% of the time. Amazing how their own products always seem to be the best solution!
Here comes the Industry Fund model. ASIC will find it difficult to get them for that.
More smoke and mirrors crap from AMP. How about getting rid of your vertical integration model. Once you do that, then we’ll know you are then really serious about looking after the best interests of retail clients…
Well Markipoo,of 6 divisions, they have sold Insurance, NZ and Legacy leaving just the Bank, Capital FM and Advisers. That’s a little less vertically integrated huh?
platforms and investments remain dufus
Good point Mark. I would hope that [i][size=20px]all [[/size]/i]vertically integrated models are also scrapped. Perhaps lets start with Industry Funds and banks who have this business model
Too much Beer and Ferrari caused the problems in the first place. greeeed….
Look kids…a living dinosaur..
breaking news. I decided to fold instead of scrunch this morning.
Fold what?
Scrunch what?
Move on nothing to see here
Just another rearrangement of the deck chairs on the Titanic