AMP names Blair Vernon as CFO, dissolves Australian wealth management structure
Updates first paragraph with company clarification on dissolution of structure of local wealth management unit, adds share moves in paragraph 2
May 29 (Reuters) -Australia's AMP AMP.AX said on Monday Blair Vernon will take over from Peter Fredricson as its chief financial officer and will dissolve the structure of its local wealth management arm in a bid to simplify its operational model.
Shares of the 174-year-old wealth manager traded 1.4% higher as at 0224 GMT, marking their second straight session of gains.
The move comes as assets under management at AMP's flagship Australian wealth management (AWM) unit fell about 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31, affected by the decline in investment markets, and net cash outflows of A$5.3 billion.
Fredricson, who joined AMP last year, will be retiring in early July and handing over the ropes to Vernon, who has been with the company for more than a decade.
The company will also dissolve the AWM CEO role as part of its simplified structure, resulting in the current chief Scott Hartley leaving the Australian wealth manager in six months.
($1 = 1.4743 Australian dollars)
Reporting by Navya Mittal and Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman, Sherry Jacob-Phillips & Shri Navaratnam
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