Edwina Maloney

AMP has announced three new executive roles and a flattened organisational structure, as part of the ongoing simplification and streamlining of its business following the AMP Capital sales.

AMP will elevate leadership of its Platforms and Advice businesses in two new roles on its executive committee. A third new executive committee role of Group Executive Super and Investments will combine responsibility for the Superannuation–Master Trust and Investments businesses.

Edwina Maloney who leads the Platforms business and Matt Lawler who leads the Advice business, will continue to perform their current roles and become part of the executive committee. Their new titles will be Group Executive Platforms and Group Executive Advice, respectively.

AMP will conduct an internal and external search to fill the third position of Group Executive, Super and Investments. Jason Sommer, currently Director – Transformation and Investments, Australian Wealth Management will act in the role until the permanent position is filled. Chief Investment Officer Anna Shelley and Director Super and Investments Ilaine Anderson will report into this new executive position. Anna Shelley will also have a dotted reporting line to CEO Alexis George for group investment activities.

The appointments follow the recent decision to remove the role of Australian Wealth Management CEO, held by Scott Hartley and to simplify the business structure. It also follows the decision to combine the roles of Chief Financial Officer and Group Executive Transformation, now held by Blair Vernon.

AMP Chief Executive, Alexis George commented:

“The AMP Capital sales have made for a much simpler AMP and these executive changes reflect that by flattening our management structure, particularly in wealth management.

“This elevates key businesses to the executive team, further increasing visibility and accountability for performance and cost management, while also bringing the executive committee closer to our customers and to advisers.

“The new operational structure supports our focus on being a leading provider of retirement solutions and helping more Australians to meet their financial goals.

“The new executives have proved themselves as high-quality leaders and I look forward to working more closely with them.

“Again I would like to thank Scott Hartley for the work he has done to reposition AMP’s wealth management businesses.”

The new appointments come into effect on 31 July 2023.

The post AMP announces new executive roles and flattened structure appeared first on AdviserVoice.

The new leadership team consists of a complementary mix of existing AMP leaders, leaders new to AMP and internal promotions. The team has the capability and experience to drive the transformation of the AMP Australia business, and each has the attributes to lead a high-performance culture.

Mr Hartley will have seven direct reports with a diversity of tenure, background and gender.

The updated operating model will mean a sharper focus for both Platforms and Super with these two businesses being separated. Accountability for investment performance is being brought into AMP Australia and a new Chief Investment Officer is being appointed to the leadership team. The structure will provide end-to-end business accountability for each Director to promote performance and execution of the strategy.

There are three new leaders joining from outside of AMP:

• Matt Lawler is the new Managing Director Advice. He brings experience in large scale advice transformations and a deep knowledge of building and operating successful advice businesses. He has led advice and broking businesses at MLC/NAB, was CEO Wealth Management of Yellow Brick Road, and most recently CEO of Wealth Market, a privately owned advice business.
• Anna Shelley is appointed Chief Investment Officer (CIO). Anna is a highly respected investment professional and leader. She has a deep background in investments, having spent over 13 years with JANA, as well as Perpetual Investments and has been the CIO of Equip super and Catholic Super funds since April 2018. Anna is replacing Debbie Alliston who is retiring from executive positions and will finish on 31 July after 10 years of exceptional service.
• Jason Sommer will be the new Director, Transformation & Investments. He is a highly experienced and successful transformational leader and joins from Sunsuper where he is currently Chief Financial Officer (including investment product and operations) and is a member of the executive team.

Ilaine Anderson and Sean O’Malley, who have both been acting in the roles of Super, Retirement and Platforms, and AMP Bank respectively, have been permanently appointed to their roles:

• Ilaine Anderson is Director, Super & Retirement. Ilaine is an experienced senior executive, who has been Director of Workplace Superannuation at AMP Australia and has held leadership roles in a number of industries including wealth management, professional services and HR.
• Sean O’Malley is Managing Director, AMP Bank. He has 25 years of experience predominantly in financial services and has held several senior positions within AMP Bank over the past five years, including leading Technology and Operations, and successfully delivering the Future AMP Bank – technology modernisation program.

Also on the leadership team:

• Edwina Maloney is the Director, Platforms, which is a new role comprising Wrap and SMSF platforms. Edwina will join from AMP Capital, where she is currently Global Head of Product and brings strong leadership, strategic capability, and an understanding of advisers from her experience promoting investment products at both AMP Capital and Perpetual.
• James Kent, Chief Technology Officer, AMPA, continues in his important role leading the strategic delivery, support and enhancement of AMPA’s technology, digital, data and analytics capabilities.

The extended leadership team also consists of Client Services led by Steve Vaid, and Adviser Distribution led by Nicole Mahan and four Group-aligned leaders across finance, people and culture, legal, and risk. Nicole will continue to play a critical role in business performance in line with her focus on AMP’s relationships with advisers.

Scott Hartley, Chief Executive Officer AMP Australia, said: “As well as bringing together an experienced leadership team with four new executives, we also have an updated operating model to deliver a flatter structure to enable empowered, distributed leadership. This will improve efficiency and ultimately the performance of the business by giving our leaders end-to-end operational accountability.

“The four new leaders will be in place by July this year. They bring the skills and experience needed to help AMP deliver the transformation of its business and will complement existing skills AMP has in its current leadership group.

“The new leaders have all worked in large institutions and small to medium sized businesses. They will bring a healthy perspective on how we ensure AMP Australia is a lean, efficient and competitive business.

“We’ve looked for individuals who are excited about the opportunities, have a firm grasp of the challenges we have as an organisation, and a strong sense of urgency about the changes we need to see in our business.

“I’m very pleased we are bringing in such well respected, talented executives, to help transform the business, and I am confident we now have the team to successfully deliver on the strategy.”

Matt Lawler takes over from David Akers as Managing Director, Advice. David has led the Advice business and AMP’s aligned advice network through a very difficult period of industry disruption and regulatory change, and has positioned the advice business well to capitalise on the opportunities for AMP and its advisers.

“David has led the business with strength, integrity and vision. With the transformation now well underway, it is the right time to transition to a new leader, who is well positioned to take the advice business through the next phase of transformation and growth.

“Ahead of Matt’s arrival, David will continue to lead the Advice business to maintain the momentum we have in our advice transformation, with the priorities for the business and the network remaining unchanged.”

The post AMP Australia CEO announces new team to lead transformation of the AMP Australia business appeared first on AdviserVoice.