Axa Wealth chief to exit amid business sell-off

Mike Kellard

Axa Wealth chief executive Mike Kellard is set to leave the business as parts of Axa are sold off.

Standard Life acquired Axa’s Elevate platform in April. Axa then sold Embassy, its off-platform investment and pension division, and Sun Life, its direct protection business, to Phoenix the following month.

Axa kept hold of its multi-manager investment arm Architas, rolling it in to its wider global life and savings division.

It is understood that some Axa staff have been moved over to Phoenix and Standard Life as part of the respective deals.

Kellard was chief executive of Winterthur Wealth Management from 2003 to 2006 when it merged with Axa. He became Axa Wealth chief executive in the merger, with responsibility for Elevate, Architas and other specialist businesses Axa Wealth International, Axa Corporate Investment Services and Axa Wealth Specialist Products.

He spent nearly ten years as a broker sales consultant for Legal and General, then six as a national sales manager for Norwich Union Life and Pensions before joining Winterthur.

An Axa spokeswoman says: “Mike Kellard has confirmed he will be leaving Axa Wealth following the sale of the business expected to complete in Q4 2016.

“From 2010, Mike and his team have made a significant contribution to the business, leading a strategy that saw its assets triple in the space of five years and now stands at nearly £50bn. Axa Wealth has received some of the highest scores for adviser satisfaction, and previously as chief executive of Winterthur Mike is seen as pioneer of new products and services, from Sipps and drawdown in the 1990s to open architecture funds and fee-based advice in the early 2000s.

“While a number of the Axa Wealth businesses are being sold, Architas,  established by Mike,  has £20bn in assets and remains an integral part of Axa’s offering going forward.”