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Stuart CondieThe West Australian AMP has replaced the head of its wealth management unit, days after the release of the royal commission’s final report. Paul Sainsbury, who admitted to

Commissioner Kenneth Hayne that AMP had charged dead clients life insurance premiums, will hand over responsibility for the unit to Alex Wade. Mr Wade, who worked alongside recently

appointed chief executive Francesco De Ferrari at Credit Suisse Private Banking, will handle an expanded portfolio having already taken over as advice executive from another royal commission

witness. Mr Wade last month became the permanent successor to Jack Regan, who admitted that AMP had told regulators that clients were at fault for being charged ongoing fees despite it

often being the result of a conscious effort by the company. “I am confident that, under Alex Wade’s leadership, we will be able to reinvent our wealth management business to better compete

in the new regulatory environment,” Mr De Ferrari said. Mr Sainsbury will remain with AMP during a transition period while AMP brings together its advice, wealth management, product and

customer solutions teams into a single unit. Insurance group executive Megan Beer will, following the life insurance division’s $3.3 billion sale to Resolution Life, transfer to the

purchasing company and become head of Resolution’s Australasian region. Technology group executive Paul Ryman will become chief operating officer, and AMP New Zealand chief executive Blair

Vernon will lead AMP’s New Zealand advice and wealth operations after its other operations transition to AMP Life ahead of its separation. “Today’s appointments will drive change while

retaining experience in our leadership team,” Mr De Ferrari said. AAP GET THE LATEST NEWS FROM THEWEST.COM.AU IN YOUR INBOX. Sign up for our emails