Axa Investment Managers (Axa IM), the asset management unit of French insurer Axa, has announced plans to slash up to 210 jobs as part of a major overhaul. The move would affect up to 40 jobs in the UK and 160 in France.

As part of the restructure, the company would have a new operating model based on four pillars, namely client relationships, core investments, alternative and specialty investments and transversal support functions.

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AXA IM expects €100m in savings from the restructure and said that the savings will be reinvested in ESG integration, advanced data analytics, as well as quant and data science skills.

The revamp, which is expected to be concluded by the end of this year, will also include various changes to the management board.

These include the appointment of Hans Stoter to replace fixed income head John Porter who is quitting the firm. Stoter will also take charge of the firm’s multi-asset client solutions business on an interim basis after the exit of Laurence Boone.

In addition, the company appointed Matthew Lovatt as its new global head of Framlington Equities, replacing Mark Beveridge.

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Axa IM CEO Andrea Rossi said: “I believe the steps we are looking to take not only respond to our industry challenges in terms of customer centricity but also provide AXA IM with an inspiring vision and roadmap for the future.

“Accelerating our strategy as an active manager thanks to new ways of operating and a simpler organisation, notably in the alternative investment space, while becoming even stronger in core investments will foster sustainable growth for the ultimate benefit of all our stakeholders.”