Australian investment manager AMP has brought its domestic wealth management and banking units under a single roof.
The move, AMP CEO Francesco De Ferrari noted, is the result of the firm’s client-led strategy.
The unified entity will trade as AMP Australia. It will be headed by current Australian wealth management chief Alex Wade, who joined AMP earlier this year.
Meanwhile, current managing director of wealth products and platforms Rod Finch will become managing director of AMP Bank following the resignation of AMP Bank CEO Sally Bruce next month.
Bruce said: “I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015.
“Now is the right time for me to step down and to join my family, who relocated back to Melbourne earlier this year.”
Finch has been working at AMP since 2013 and previously served as the director of customer transformation and director of customer segments and marketing at the firm.
He will report to Wade in the new role.
De Ferrari stated: “Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients.
“Closer integration of the businesses was part of our long-term plan, and with Sally’s decision to step down we have been able to accelerate our internal re-organisation.”
AMP was recently under investigation for its fees-for-no-service scandal and has undergone a massive overhaul since then.
In August this year, the firm announced plans to reinvent its Australia wealth management arm and raise A$650m ($438.7m) in capital. The firm also salvaged a deal to offload its life insurance unit to Resolution Life.