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February, 2019 9:06 AM



AMP replaces head of wealth management

AMP replaces head of wealth management

AMP has replaced the head of its wealth management unit, who admitted to Commissioner Kenneth Hayne that AMP had charged dead clients life insurance premiums.

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By AAP 07.02.2019 11:10 AM

AMP has continued the overhaul of its upper ranks, replacing the head of its wealth management unit days after the release of the royal commission's final report.

Paul Sainsbury, who admitted to Commissioner Kenneth Hayne that AMP had charged dead clients life insurance premiums, will hand over responsibility for the unit to Alex Wade.

Mr Wade, who worked alongside recently appointed chief executive Francesco De Ferrari at Credit Suisse Private Banking, will handle an expanded portfolio having already taken over as advice executive from another royal commission witness.

Mr Wade last month became the permanent successor to Jack Regan, who admitted that AMP had told regulators that clients were charged ongoing fees as a result of an administrative error despite it often being the result of a conscious effort by the company.

"I am confident that, under Alex Wade's leadership, we will be able to reinvent our wealth management business to better compete in the new regulatory environment," Mr De Ferrari said.

Mr Sainsbury will remain with AMP during a transition period while AMP brings together its advice, wealth management, product and customer solutions teams into a single unit.

Insurance group executive Megan Beer will, following the life insurance division's $3.3 billion sale to Resolution Life, transfer to the purchasing company and become head of Resolution's Australasian region.

Technology group executive Craig Ryman will become chief operating officer, and AMP New Zealand chief executive Blair Vernon will lead AMP's New Zealand advice and wealth operations after its other operations transition to AMP Life ahead of its separation.

"Today's appointments will drive change while retaining experience in our leadership team," Mr De Ferrari said.

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