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AMP restructures wealth management business

AMP restructures wealth management business

AMP has announced a number of changes to the management team of its wealth business on the back of the final recommendations from the royal commission.

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.

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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.

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