AXA announced that Marco MORELLI, previously Chief Executive Officer of Monte dei Paschi di Siena, is appointed Executive Chairman of AXA Investment Managers (AXA IM) and a member of AXA's Management Committee, as of September 14. He will report to Thomas BUBERL, Chief Executive Officer of AXA.

After 30 years with the Group, Gerald HARLIN, AXA's Deputy Chief Executive Officer and Executive Chairman of AXA IM, has decided to retire at the end of September. He will remain a member of AXA IM's Board of Directors.

Thomas BUBERL, Chief Executive Officer of AXA: "I would like to warmly thank Gerald for his very significant contributions to AXA's success and his decisive role in making the Group a world leader in insurance. I would also like to thank him for postponing his retirement last year to take over the leadership of our asset management entity AXA IM, to which he and his teams have given a new impetus by putting in place a new organization that is better adapted to its future development. On a personal note, I would like to reiterate that I feel particularly privileged to have worked with him. I know that all AXA employees join me in wishing him all the best in his future endeavors.

I am very happy that Marco is joining AXA. His 36 years of experience in banking and financial services, extensive knowledge of European markets and proven leadership will be key assets to further develop AXA IM. All the members of AXA's Management Committee join me in wishing him the best in his new role."

Marco MORELLI, Executive Chairman OF AXA IM AND Member OF AXA's Management Committee, stated: "I am honored to join AXA, a world leader in insurance, and to take over the management of AXA IM. I look forward to working with the teams and drawing on their recognized expertise to take AXA IM to a new stage of growth and development, in line with AXA's strategy."

AXA IM, 100% owned by AXA, is an active, long-term, global, multi-asset investor which works with its clients to provide the solutions they need to help building a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately EUR 804 billion in assets under management as at end of March 2020, EUR +13 billion asset management net inflows and EUR 1.2 billion asset management revenues in 2019, AXA IM employs over 2,350 employees around the world and operates out of 30 offices across 21 countries.