AMP restructure splits services

AMP Financial Services (AMPFS) has announced a restructure that will split the group into two separate divisions centred on the distribution and manufacturing functions of the business.

The new distribution arm, to be headed up by AMPFS adviser services director Steve Helmich, will consist ofAMP Financial Planning,Hillross Financial, Arrive Wealth Management and AMP General Insurance.

The manufacturing arm will be divided into the areas of retirement savings, risk insurance, banking, corporate superannuation, and mature products.

The manufacturing arm is to be headed by Craig Mellor, formerly managing director of AMP Banking.

Both Helmich and Mellor will report through to Craig Dunn, head of AMPFS.

AMP spokesperson Alexis Mulhearn says the changes were in response to AMP chief executive Andrew Mohl’s strategic review of the business, as well as the present market environment.

“The old structure worked well for the time it was in place, but things do change, and the market environment has changed, so we have to change with it,” Mulhearn says.

“It is designed so that we can move faster because one person has control from end to end,” she says.

Mulhearn says the different manufacturing divisions will be run as stand-alone businesses, with each to include a new business development area to promote products through internal as well as third party distribution channels.

Michael Guggenheimer has been announced head of the banking division in the manufacturing arm, with the remaining senior position in the division to be finalised within a month.