Australia’s AMP names Blair Vernon as CFO, dissolves local wealth management arm

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The move comes as assets under management at AMP’s flagship Australian wealth management 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 and handing over the ropes to Vernon, who has been with the company for more than a decade.

The company will also dissolve the CEO’s role in its local wealth management arm, and as a result, the current chief Scott Hartley will be leaving the Australian wealth manager after six months.

($1 = 1.4743 Australian dollars)