By Nathan Allen

AXA SA's (CS.FR) investment-management arm, AXA Investment Managers, said Monday that it will cut around 200 jobs to fund a 100 million-euro ($116 million) investment program aimed at simplifying the group's structure and introducing a new operating model.

The investments will be funded by savings, which could result in around 160 job cuts in France and 40 in the U.K., AXA IM said. The company said it planned to minimize layoffs among portfolio managers to reduce the impact on clients.

The group said it plans to further invest in its alternative and specialty-investment expertise, while boosting synergies with its core investment expertise.

AXA IM also said that Mark Beveridge, Christophe Coquema and John Porter will step down from the company's management board.

The operation should be completed by the end of the fourth quarter, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 18, 2018 11:04 ET (15:04 GMT)

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