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Axa asset manager to cut 210 positions, invest €100M in tech

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Axa asset manager to cut 210 positions, invest €100M in tech

French insurer Axa's Axa Investment Managers SA unit announced plans to cut approximately 210 positions worldwide in 2018, the bulk of them in France and the U.K., and invest €100 million in technology and other priority areas.

The company will also be divided into four business areas — client relationships, core investments, alternative and specialty investments, and transversal support functions. The approximately €100 million saved from the reorganization will be used to enhance the company's digital and advanced data analytics capabilities and environmental, social and governance integration, among other initiatives, it said.

The asset manager also named Matthew Lovatt global head of AXA IM Framlington Equities, Hans Stoter global head of fixed income and Amelie Watelet as chief transformation officer and global head of human resources and communications. Stoter will also oversee multiassets client solutions in the interim after Laurence Boone's recent decision to join the Organisation for Economic Co-operation and Development.

The new executives joined the management board, effective June 19. The implementation of the reorganization and job cuts could be launched in the fourth quarter after consultation with affected employees.