Scott Hartley to depart AMP

AMP has made the chief executive role of its local wealth management business redundant as it restructures to a new operating model.

Australian Wealth Management (AWM) will see chief Scott Hartley exit by the end of the year.

"With the recent [AMP Capital] transactions largely complete, a flatter organisational structure is appropriate. As a result, the AWM business will be dissolved," AMP announced on Monday.

AMP announced Hartley's appointment at the end of 2020 as the chief executive of AMP Australia and officially took his seat early the following year. AMP Australia eventually became AWM, which operates advice, superannuation, and platforms.

Hartley took over from Alex Wade, who suddenly exited in August 2020. After a few months in, Hartley made sweeping changes, restructuring the division, unveiling a new leadership team, and reportedly axing numerous jobs.

Seven direct reports included the new managing director for advice, a chief investment officer, and a director for transformation and investments.

AMP chief executive Alexis George said Hartley will work with the team to transition to a new operating model over the next six months, before departing AMP.

"The decision reflects the strong work done to position the platforms business for growth, while stabilising and delivering efficiencies within the Advice and Master Trust businesses," she said.

"I would like to thank Scott for the significant contribution he has made, as he has transformed the Australian wealth management businesses. He leaves those businesses in a much stronger position and has developed a solid leadership group to continue to take those businesses forward."

Before AMP, Hartley was chief executive of Sunsuper from 2014 to 2019.

Before Sunsuper, he was the executive general manager of corporate and institutional wealth at NAB Wealth from 2009 to 2013; his responsibilities included leading Plum Financial Services and Jana Investment Advisors.

Also part of the simplification, AMP has combined the roles of chief financial officer and group executive transformation.

Peter Fredricson, who is the chief financial officer, will retire and Blair Vernon will take on the expanded role on July 3.

Vernon will be responsible for the accounting functions of the entity such as statutory and regulatory reporting, performance reporting, and tax, in addition to investor relations, treasury, workplace experience and transformation.

Other than AWM, what is left of AMP following a turbulent period since the Hayne Royal Commission is AMP Bank, New Zealand Wealth Management (NZWM), and remnants of AMP Capital like a 15% holding in China Life AMP Asset Management (CLAMP) and 23.9% interest in Pacific Coast Capital Partners.