Savings will be used to invest further in areas such as ESG integration, data analytic skills
AXA Investment Managers could cut as many as 210 jobs in 2018 as part of an internal restructuring, said a company spokesman.
Roughly 160 of the positions are based in France, with the remaining 40 or so in the U.K. The elimination of the jobs, should they occur, is expected in the fourth quarter.
"The direct impact on portfolio/asset managers in the plan is projected to be minimal," the spokesman added.
The potential job cuts are part of AXA IM's proposed structural reorganization, which would consolidate its businesses into four pillars: client relationships centered on the institutional and retail business segments; bringing together the core investments of fixed income, equities and multiasset; consolidating alternative and specialty investments including real assets, structured finance and high yield; and intersecting support functions including global transformation, HR and communications, global operations and general secretary functions.
"Accelerating our strategy as an active manager thanks to new ways of operating and a simpler organization, 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," said CEO Andrea Rossi in a news release announcing the reorganization.
The savings from job cuts will be used as part of AXA's plan to invest around €100 million in four offerings and client priorities by 2020: alternatives, multiasset and fixed-income specialty investment strategies; ESG integration across investment teams; digital and advanced data analytics capabilities; and quantitative and data science skills as well as additional investment competencies.
In addition, Christophe Coquema, head of client group, is leaving the management board and "taking a step back from the business over the coming months to consider his next steps," the spokesman said in an email. Francisco Arcilla, global head of sales, and Bettina Ducat, global head of product, retail and institutional development, will co-lead the client group on an interim basis.
Meanwhile, John Porter, global head of fixed income, is also leaving the company. It could not be learned where he is going. Mr. Porter is being replaced by Hans Stoter. Mr. Stoter was chief investment officer of NN Investment Partners. Valentijn van Nieuwenhuijzen, former chief strategist and head of multiasset at NN Investment Partners, replaced Mr. Stoter, a spokeswoman said.
Mr. Stoter will also become interim global head of multiasset client solutions after Laurence Boone leaves the company to join the Organization for Economic Cooperation and Development as chief economist at the end of July.
AXA Investment Managers had €745 billion ($918 billion) in assets under management as of March 31.