Axa Wealth restructure sees Jennings step down

Elevate managing director Martin Jennings has stepped down after Axa Wealth announced a restructure which will see its main distribution business aligned to the Elevate platform.

The restructuring, undertaken to further embed its platform into the adviser marketplace, will see all Elevate front and back office activity transferred to Basingstoke over the next few months, enabling a single point of contact for IFAs regardless of platform or product.

"This decision reflects the growing influence of platforms in the adviser marketplace and an opportunity to accelerate AXA Wealth's strategic plans after the sale of AXA legacy life business to Resolution," it says.

The move will see Elevate Bancassurance front and back office activity located in Aztec West, Bristol.

A new division, powered by Elevate, will be created as part of the restructure called Intermediary Distribution, headed up by David Thompson. This, the company says, will simplify the business and rationalise the current approach of multiple contact points for advisers.

Axa Wealth chief executive Mike Kellard says the changes will impact around 20 employees but is hopeful they can be redeployed to other parts of the business. He also says the company is recruiting an additional 30 people. 

Axa Wealth currently has some 200 vacancies across the business, Kellard adds.

The changes will also see all Axa Wealth customer service and operations report to Nick Elphick, Chief Operating Officer, and proposition aligned under Cheryl Toner.

Drawing together the main distribution business with Elevate completes the next stage of the company's development following the Resolution deal.

Kellard says the restructure will make it easier for customers to deal with Axa Wealth.

"We are restructuring the business so IFAs have one point of contact and the distribution team and proposition team of Elevate are part of one integrated business."

He adds Jennings has been a "big part" of Elevate's rapid growth, which has seen platform funds under management increase to £2bn. He says Jennings is now looking at his options and had not "walked out" out of the company.

He says Axa Wealth is now looking to grow assets under management from £18bn to £46bn over the next five years, with Elevate playing a core part.

In terms of hitting profitability, he adds Elevate is ahead of target and should be profitable by 2012/2013.