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AMP Australia has announced a raft of new internal and external appointments as AMP conducts portfolio reviews across its businesses, which it initiated in the second half of the 2020 financial year.
The review includes the proposed demerger of AMP Capital’s private markets investment management business (which it announced in April 2021 with a target to complete it in the first half of 2022), and a transformation strategy of the AMP Australia and New Zealand wealth management business.
As part of these changes, an AMP spokesperson told Mortgage Business that the group has promoted Sean O’Malley – who has been acting as AMP Bank managing director – as the permanent MD of the lender.
A key focus of Mr O’Malley’s role will be to further strengthen AMP Bank’s proposition for brokers and advisers, the spokesperson said.
The spokesperson added that as part of this change, AMP Bank director of distribution Adrienne Smith and head of intermediary distribution John Skilbeck will be departing AMP, stating that both had made “outstanding contributions to the growth of the bank”.
The group is recruiting a new head of intermediary distribution and governance, the spokesperson added.
Mr O’Malley has been made the permanent managing director of AMP Bank after he assumed the role in an acting capacity in February 2021. This followed the departure of former managing director Rod Finch, who joined Bank of Queensland (BOQ) in April 2021.
In his role, Mr O’Malley will be responsible for delivering the growth strategy for AMP Bank, and will be reporting to AMP Australia CEO Scott Hartley.
Mr O’Malley has over 25 years of experience predominantly in the financial services industry, and joined the AMP business in 2013 where he has held multiple roles within the organisation.
Wealth Market’s Matt Lawler joins AMP Australia
AMP Australia has made three external appointments, including CEO of Wealth Market (wealth division of major brokerage Loan Market) Matt Lawler as managing director, advice.
According to Mr Hartley, Mr Lawler would bring experience in large-scale advice transformations, and a “deep knowledge” of building and operating advice businesses.
Mr Lawler’s previous roles have included CEO, wealth management at Yellow Brick Road; executive general manager NAB Broker, and executive general manager, financial planning and third party at MLC.
Mr Lawler has replaced David Akers as managing director, advice.
Commenting on Mr Akers’ departure, Mr Hartley said: “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.”
AMP Australia appoints CIO, CFO
Mr Hartley has also appointed Anna Shelley as AMP Australia chief investment officer (CIO), who will be replacing Debbie Alliston in the role.
Ms Alliston is retiring from executive positions, and will finish on 31 July after 10 years of service, Mr Hartley said.
He also said that Ms Shelley is a “highly respected” investment professional and leader, with experience in investments. She spent over 13 years with JANA and Perpetual Investments, and has been the CIO of Equip Super and Catholic Super funds since April 2018.
Sunsuper chief financial officer (CFO) and member of the executive team Jason Sommer will join the wealth firm as director, transformation and investments, Mr Hartley said.
Meanwhile, Mr Hartley also announced the promotion of Ilaine Anderson – who has been acting in the role of super, retirement, and platforms – to director of super and retirement.
Ms Anderson has been appointed as director, super and retirement, with Mr Hartley noting her experience as a senior executive and her role as director of workplace superannuation at AMP Australia. She has also held leadership roles in a range of industries, including wealth management, professional services and human resources.
In addition, Mr Hartley announced that Edwina Maloney has been appointed in the new role of director, platforms, comprising Wrap and self-managed superannuation fund (SMSF) platforms.
Ms Maloney will join from AMP Capital, where she is currently global head of product. Mr Hartley said that she has strong leadership, strategic capability, and an understanding of advisers from her experience in promoting investment products at both AMP Capital and Perpetual.
Mr Hartley said that Mr Lawler, Ms Shelley, Mr Sommer, and Ms Maloney will begin their roles in July this year, while Mr O’Malley, Ms Anderson, and Mr Kent have commenced their new roles.
Furthermore, Mr Hartley said that James Kent as chief technology officer at AMP Australia would continue in his role of “leading the strategic delivery, support and enhancement” of 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.
Mr Hartley said that Ms Mahan would “continue to play a critical role in business performance in line with her focus on AMP’s relationships with advisers”.
Updated model to deliver flatter structure: AMP Australia CEO
Commenting on the announcement of the updated operating model that accompanied the team leadership changes, Mr Hartley said that it is designed to deliver increased performance and efficiency for AMP Bank and the wealth management business.
Mr Hartley – who will have seven direct reports – said the updated model would result in the separation of the platforms and super business, while accountability for investment performance is being brought into the business.
“As well as bringing together an experienced leadership team with four new executives, we 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,” he said.
AMP Ltd announced in April that its CEO Francesco De Ferrari will retire from the role, while agreeing to remain in the role until at least 1 July 2021. AMP said that he will be available to the company to assist with handover and ongoing support after this time.
Mr De Ferrari was appointed as group CEO of AMP in December 2018, replacing interim CEO Mike Wilkins.
AMP said it has appointed ANZ deputy CEO Alexis George as its new group CEO, who will join AMP in the third quarter of 2021.
[Related: AMP book grows, group sees outflows]