Axa Isle of Man has come under the control of a new “strategic unit”, Axa Wealth, after a restructuring of the company’s UK operations.
The offshore life insurer forms part of one of several businesses now operating below Axa Wealth.
Within the new framework, Axa Wealth International will comprise the Isle of Man business and also offer access to Axa’s offshore products domiciled in Dublin.
The latest changes form part of what Axa calls the “the most significant stage yet” in the integration of the Axa and Winterthur’s wealth management businesses, which began in 2008, a year after the French company’s purchase of Winterthur from Credit Suisse.
In addition to Axa Wealth International, the businesses underlying Axa Wealth are Axa Wintethur Wealth Management, Axa Distribution Services, including the Elevate wrap platform as well as Architas Multi-Manager, its fund of funds operation.
Axa said this latest stage in the merging of it and Wintethur will see a rationalisation of its product offering where duplication exists. It did not specify what these areas where.
A number of “strategic initiatives” will also be accelerated, according to Axa. These include realigning the business to focus on “investments, platform-based solutions and clear and profitable market segments”.
Axa said this will entail simplifying IT infrastructure and increasing the use of straight-through processing and automated services.
A 30-strong platform and investment distribution team is also to be created and a programme to increase operational efficiency introduced.
Mike Kellard, chief executive of Axa Wealth, said: “The key elements of the changes will be a reduction in product and service duplication, and alignment with the demands of RDR. Throughout the transformation, Axa Wealth will retain its focus on customer and adviser service.
He continued: “Axa Wealth is ready to exploit the opportunities of profound change in its markets, the move towards 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.”