AXA IM intends to implement a simpler and more customer-focused organizational structure
- A new operating model is proposed to support AXA IM’s ambitious strategy and better align with clients’ needs
- A renewed Management Board will steer AXA IM’s transformation journey
AXA Investment Managers (AXA IM) today announces that it intends to sharpen its operating model and focus its organisational structure to help drive future growth and protect competitiveness. The proposed operating model and streamlined organisation will enable AXA IM to better cater to clients’ needs through a segmented approach. They would also support developments notably in the Alternative investments space, as well as increasing synergies between Core investment expertise to foster innovation.
AXA IM’s future operating model would be centred on four principles – simplicity, agility, empowerment of teams and consistency across AXA IM. Upon its introduction, AXA IM would be organised in four pillars:
- Client relationships centred on two distinct segments – Institutional and Wholesale / Retail
- Core investments bringing together the Fixed income, Framlington Equities and Multi Assets Client Solutions platforms
- Alternative and Specialty investments comprised of Real Assets, Structured Finance and Chorus as well as Rosenberg Equities and High Yield
- Transversal support functions including Global Transformation, HR and Communications, Global Operations, as well as General Secretary functions with the aim to support and enable AXA IM’s transformation
“I believe the steps we are looking to take not only respond to our industry challenges in terms of customer centricity but also provide AXA IM with an inspiring vision and roadmap for the future. Accelerating our strategy as an active manager thanks to new ways of operating and a simpler organisation, notably in the alternative investment space, while becoming even stronger in core investments will foster sustainable growth for the ultimate benefit of all our stakeholders.” commented Andrea Rossi, CEO of AXA IM.
A new management team
To support this transformation journey, AXA IM also announces a renewed Management Board (MB). Effective 19 June 2018, AXA IM’s MB will be composed of the following members reporting to Andrea Rossi.
- Francisco Arcilla as Global Head of Sales
- Bettina Ducat as Global Head of Product, Retail and Institutional Development
- Matthew Lovatt as Global Head of AXA IM Framlington Equities
- Jean-Christophe Ménioux as General Secretary and CFO
- Joseph Pinto as Global Chief Operating Officer
- Heidi Ridley as CEO of AXA IM Rosenberg Equities
- Isabelle Scemama as CEO of AXA IM Real Assets
Hans Stoter who joins AXA IM as Global Head of Fixed Income. Following Laurence Boone’s recent decision to join the OECD, Hans Stoter will also take the interim responsibility for Multi Assets Client Solutions
Amélie Watelet as Chief Transformation Officer and Global Head of HR and Communications
“I am proud to introduce AXA IM’s new MB. I am confident that this diverse, committed and highly experienced team will successfully drive our transformation journey. I would like to thank Mark Beveridge, Christophe Coquema and John Porter who have stepped down from the MB for their pivotal contribution to AXA IM during the last years.” said Andrea Rossi.
Investing in the future
To fuel its development as a long term active asset manager, AXA IM is planning to invest circa 100 million euros in four offerings and client priorities by 2020:
- Alternatives, Multi-Asset and Fixed Income specialty investment strategies – to better cater to Institutional as well as Wholesale/Retail investors, building on AXA IM’s historical strengths
- ESG integration across investment teams and the development of the responsible investment product offering
- Digital and advanced data analytics capabilities to supplement decision-making in investment processes and deploy differentiating services to clients
- Quant and data science skills as well as additional investment competencies to fill product gaps
These investments would be fully financed by circa 100 million euros of savings, over the same period, thanks to the proposed focused operating model and leaner organisation. The implementation of the target organisation could potentially impact 210 positions worldwide in 2018, mainly in France (approximately 160 positions) and the UK (approximately 40 positions).
AXA IM is committed to supporting its employees through the change period and to limiting social consequences as much as possible. The target organisation could be implemented in Q4 2018 following social consultation.
“AXA IM will remain focused on servicing its clients with the same level of dedication and attention during this change process which is key to ensure the company continues to grow, brings value to its current and future clients and remains a key player in the asset management industry in the long term.” concluded Andrea Rossi.
Francisco Arcilla , Global Head of Sales
Francisco Arcilla started his career at Merrill Lynch in 1994 as an analyst, before working in several global financial institutions as a senior proprietary trader for over a decade. In 2008, he joined the Swiss alternative solutions boutique EIM SA as Co-Head of Investments. He joined AXA IM as CIO and Global Head of Funds of Hedge Funds in 2011, and was appointed to run the creation of the External Managers Group combining the Hedge Fund, Impact Investing and Long-Only Multi-Management teams in 2012.In 2014, he became Director of Product Development for AXA Rosenberg, before being appointed CEO of AXA IM Japan in 2015. He became AXA IM’s Global Head of Sales in July 2017. Francisco Arcilla graduated from HEC School of Management in Paris and holds a MSc. in Finance from the London Business School.
Bettina Ducat, Global Head of Product, Retail and Institutional Development
Prior to joining AXA IM, Bettina Ducat was a strategy consultant for Accenture since 2001. She joined AXA IM in 2006 as a Sales manager within the Distribution team targeting financial institutions and insurance companies before taking over responsibility for the management of the team in 2009. Beginning of 2012, she was appointed Head of Distribution for France, Southern Europe and Middle East, before becoming Global Head of Product, Retail and Institutional development in 2014. Bettina Ducat holds a degree from EM Lyon.
Matthew Lovatt, Global Head of AXA IM Framlington Equities
Prior to joining Framlington Equities, Matthew Lovatt was Chief Executive of Quaestor Investment Management and previously Marketing Director for the same firm. He joined AXA IM Framlington Equities in 2004 to become Global Head of Business Development, being responsible for a team covering all new business activities on a global basis. He has been appointed Head of AXA IM Framlington Equities on June 2018. Matthew Lovatt gained a BSc in Economics with Statistics from Bristol University.
Jean-Christophe Ménioux , General Secretary and CFO
Prior to joining the AXA Group, Jean-Christophe Ménioux spent nine years at Crédit Commercial de France (HSBC France), notably as Head of Interest Rate Derivatives before becoming Director of Market Risks. He joined the AXA Group in 2001 and held various positions including Group treasurer from 2001 to 2008 and Group Chief Risk Officer from 2008 to 2013. Then, he became responsible for the Group’s Life & Savings business line until 2016. He was appointed AXA IM’s General Secretary and Chief Financial Officer in July 2016. Jean-Christophe Ménioux is a graduate of Ecole Centrale de Paris.
Joseph Pinto, Global Chief Operating Officer
Joseph Pinto started his career in New York with Crédit Lyonnais' securitisation business before moving to London to work at Lehman Brothers' Corporate Finance division. He then moved to McKinsey & Cie in Paris as a Project Manager from 1998 to 2001. From 2001 to 2006, he was Deputy CEO and member of the board of directors of Banque Privée Fideuram Wargny, where he created and implemented the bank’s sales development strategy. He joined AXA IM in 2007 as Director South Europe and Middle East, before being appointed Global Head of Markets and Investment Strategy in 2011.He became Global Chief Operating Officer in March 2014. Joseph Pinto graduated from the Ecole Centrale de Paris (a French Engineering School) and holds an MBA from Columbia University.
Heidi Ridley, CEO of AXA IM Rosenberg Equities
Prior to joining AXA IM Rosenberg Equities, Heidi Ridley was Senior Vice President and Head of Marketing and Product Development at Wells Fargo Funds Management and before that, she was a Managing Director and Principal at Montgomery Asset Management. She joined AXA IM Rosenberg Equities in 2003 to manage the mutual fund distribution efforts in the US. Then she held a number of positions, including Head of Institutional Sales and Product Development for North America and more recently as Global Head of Investment Strategy and Communications. In 2011, she was appointed Global COO and Chief of Staff at AXA IM Rosenberg Equities. She became CEO of AXA IM Rosenberg Equities in March 2017. Heidi Ridley holds a BA in Economics from the University of California, Berkeley, and is a Chartered Financial Analyst (CFA) charter holder.
Andrea Rossi, CEO of AXA IM
Andrea Rossi began his career at Olivetti in the Finance Department, before having several international experiences at Olivetti Canada and Morgan Stanley. In 1995, he moved to General Electric Group, first as Product Marketing Manager for General Electric Lighting Europe and then as Vice President – Six Sigma at General Electric Capital AFS Europe. From 1999 to 2000, he worked for Transamerica Aegon as Director of Business Development & Marketing – Europe. In 2001, he joined the AXA Group as Senior Vice President, Business Support and Development – Mediterranean Region, Middle East and Latin America, with a subsequent post of Chief Operating Officer of the MEDLA Region. In 2006, he moved to Dubai as CEO and Deputy Chairman of AXA Insurance Gulf & Middle East, before being appointed CEO of AXA Assicurazioni in Italy in 2008. He became Chief Executive Officer of AXA IM in July 2013. Andrea Rossi holds a degree in Economics at the “Università La Sapienza” in Rome, Italy and a MBA from INSEAD in Fontainebleau, France.
Isabelle Scemama, CEO of AXA IM Real Assets
Isabelle Scemama started her career in 1989 at Paribas in the large cap corporate financing department, before joining the real estate financing department in 1995. In 2001, she joined AXA IM Real Assets to head real estate fund structuring and financing. In 2005, she launched the CRE Loans platform. In 2013, she was appointed to launch the Infrastructure lending platform, and was most recently responsible for the Funds Group. She was appointed Chief Executive Officer of AXA IM Real Assets in February 2017. Isabelle Scemama graduated from IEP Paris (Sciences Po) with a degree in Political Science.
Hans Stoter, Global Head of Fixed Income
Hans Stoter started his career at Philips Electronics and Nomura Bank, before joining ING Investment Management in 1998 as portfolio manager Investment Grade Credits. He then held various portfolio manager, team manager and team oversight positions in a broad range of fixed income asset classes. He was appointed Deputy Chief Investment Officer in 2011, then Chief Investment Officer in 2013 and Board member of NN Investment Partners (formerly ING Investment Management). Hans Stoter holds a Masters Degree in Business Economics and Financial Analysis, from the Vrije University in Amsterdam.
Amélie Watelet, Chief Transformation Officer and Global Head of HR and Communications
Amélie Watelet started her career in Human Resources at Décathlon, EDF and Radio France. She joined AXA in 2006 as Human Resources Director & General Secretary of AXA Cessions, before joining AXA Headquarters to become Human Resources Director in 2009, and then AXA GIE Chief Administrator. In 2013, she was appointed Global Head of Human Resources, Communications & Corporate Responsibility at AXA Technology Services and AXA Group IT. She joined AXA IM in 2016 as Global Head of Human Resources, subsequently adding Transformation and Communications to her responsibilities in 2018. Amélie Watelet graduated from IAE Tours in Strategy and Human Resources and holds a Masters degree from IEP Paris (Sciences Po) in Human resources and Change management.