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Genesys chief to depart AMP

The managing director of AMP-aligned dealer group Genesys Wealth Advisers will leave the group, following a raft of changes to the AMP leadership team and business structure.

Yesterday,, AMP issued a statement announcing a number of changes across its superannuation, insurance, banking and advice businesses, including a new structure within which AMP’s five licensees will come under three new management teams.

An AMP spokesperson confirmed that as part of the changes, Genesys managing director Paul Robertson will be departing the group, with ipac managing director Tim Steele to take on additional oversight of Genesys.

“Following on from the leadership changes announced today, Paul has decided to look at new opportunities outside of AMP,” the spokesperson told ifa.

“Paul has made a huge contribution to both AMP and AXA over the past decade, including most recently as head of Genesys, and we wish him well for the future.”

The spokesperson said the restructure is aimed at simplifying and streamlining the management team, and that AMP anticipates little impact on its expansive network of financial advisers.

“These changes are primarily in our management structure,” the spokesperson said. “We will continue to support multiple brands and their respective value propositions in the market, and there will be very little, if any, change on a day to day basis for our licensee channels.

“Financial advice is at the very heart of what we do and AMP has a strong value proposition for planners and we’ll continue to innovate and invest in initiatives to ensure we continue to grow.”

Responding to an ifa reader who flagged the lack of women in the advice and banking business listed among the appointments, the spokesperson said the “licensee heads were all existing positions” and that “AMP is very supportive of women in leadership, and has a number of women in senior leadership positions across the business”.

In other changes announced yesterday, former Commonwealth Bank general manager, retail customers and transformation, Patricia Montague has been appointed director of superannuation, overseeing super, retirement and platform investment products, while former Actuaries Institute chief executive Melinda Howes, who joined AMP in November 2013, has been named director of product strategy and services.