AXA abandons chief investment role
AXAhas disbanded the position of chief investment officer in light of the investment management roles performed by its partners Alliance Capital Management and Bernstein Investment Research.
Incumbent chief investment officer Mick O’Brien will leave the organisation at the end of the month, with his responsibilities transferring to three AXA staffers.
AXA general manager marketing Richard Shermon will take on the responsibility of liaising with Alliance Capital and Bernstein, while AXA actuary, Daniel Craine, who has investment experience, and new head of AXA’s wealth division Steve Burgess will assist in sharing the load.
O’Brien, who has been with the group for over 20 years, was relatively upbeat about his departure.
“I am leaving and excited as to what the future may hold,” he toldMoney Management.
O’Brien joined National Mutual in 1982 as part of the T & G Mutual Life takeover. During his 21 years with the Melbourne financial services company he has held a variety of senior roles across financial services, insurance and actuarial roles within the group.
In 1996 he was appointed business manager of National Mutual International, subsequently becoming general manager retail for Australia and New Zealand. O’Brien was appointed chief investment officer in 2002.
He has been a director of AXA’s superannuation and funds management business for the past five years.
“I am in the process of resigning from 20 AXA companies and 14 internal committees,” O’Brien says.
O’Brien says he plans to return to the industry later this year after taking a break.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
