The roles being made redundant include five international development manager positions and two account director positions. This will mean there will no longer be any international development manager roles at Axa Wealth International in the UK and only one account director.
In a statement, Axa said it hoped to redeploy the effected people within the company and had created seven new roles within its platform, bank and adviser divisions which it said will “better meet the demands of the evolving post-RDR market”.
Axa said: “Due to the recently implemented RDR, the financial services sector, including the offshore market, has and will continue to undergo many changes and AXA Wealth International has always committed to evolving its business to best suit the needs of advisers.
“Axa Wealth International remains committed to the offshore advisory market and I am confident that these changes strengthen our relationships in these key market segments.”
In July last year, Axa unveiled a new Isle of Man based offshore sales and distribution division which at the time was led by Richard Leeson. However, Leeson left the company after only six months and was replaced by Frank Parsons.
It is understood that today’s changes do not impact the Isle of Man team.
