Axa has unified the various parts of its wealth proposition into Axa Wealth, which will focus on investments and platform-based solutions among other areas.
The move marks the most prominent stage yet in the creation of a new model wealth management business, following the merging of Axa and Winterthur wealth businesses in 2008.
Led by Mike Kellard, Axa Wealth will comprise Axa Winterthur Wealth Management, Axa Distributions Services and its Elevate wrap proposition.
It will also include Axa Wealth International, comprising the offshore businesses in the Isle of Man and access to offshore products in Dublin.
Axa Wealth will simplify its complex IT infrastructure by increasing the use of straight-through-processing and automated services, as well as rationalising the product offering to reflect the future direction of the business.
"The key elements of the changes will be a reduction in product and service duplication, and alignment with the demands of RDR," says Mike Kellard, CEO of Axa Wealth.
He says the firm is ready to exploit opportunities thrown up by changing markets, the move towards an investment-led proposition and the increasing focus on platform-based business.
"The changes announced today will help reshape the company for the future, delivering a business, which will operate efficiently, effectively and profitably in the new business environment that the industry will experience in the years to come."
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