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AMP restructures its wealth arm

AMP wealth management

The role of AMP Australian wealth management chief executive has been made redundant as part of an organisational restructure.

AMP has announced it will be transitioning to a new operating model for its Australian wealth management business that includes making the role of chief executive of that division, currently occupied by Scott Hartley, redundant.

According to AMP, the change to the organisation’s structure has been made to further position its platform business for growth and improve the efficiencies of its advice and master trust businesses.

The move will see Hartley remain with the company for an additional six months to assist with the transition to the new model.

“I would like to thank Scott for the significant contribution he has made as he has transformed the Australian wealth management businesses. He leaves those businesses in a much stronger position and has developed a solid leadership group to continue to take those businesses forward,” AMP chief executive Alexis George said.

“Scott will be working with us as we adapt the organisational structure for wealth management over the coming months and I wish him all the best for his future career.”

Overall the exercise is being undertaken to allow a shift to a flatter organisational structure subsequent to the recent sales of the some of the AMP Capital-owned operations.

The changes to the financial services firm’s executive structure and business model were triggered by the retirement of AMP chief financial officer and executive committee member Peter Fredricson, which prompted a decision to consolidate this role with the group executive transformation position. Blair Vernon has been appointed to the combined role effective 3 July 2023.

“Following the AMP Capital sales, we are a much simpler business and we need to reflect that in our leadership team and structure,” George noted.

“With Peter deciding to retire, the simplification of the structure through combining the CFO and transformation roles made sense. We appreciate the contribution Peter has made to the company.”

“The appointment of Blair Vernon to the role will ensure a seamless transition. Blair has been the group executive transformation and New Zealand and has been with AMP since 2009.

“A key focus for Blair will be delivering the capital management and cost base review, with that work already well advanced and on track to be completed on or before our results update in August.”

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