Australian investment manager AMP has named Alex Wade as its new wealth management boss, taking over from Paul Sainsbury who will leave the firm.

Wade, currently group executive for advice, joined AMP last month from Credit Suisse.

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He succeeded Jack Regan, who worked at AMP for nearly two decades.

In the new role, Wade will spearhead the firm’s advice, wealth management, product and customer solutions teams that will be consolidated into a single unit.

His focus will be to redefine the wealth model and restore “momentum in the new regulatory environment”.

AMP was recently embroiled in a fee scandal and was grilled by the banking royal commission.

The leadership change comes after Sainsbury’s confession to commissioner Kenneth Hayne that the firm charged dead customers life insurance premiums.

Meanwhile, Megan Beer has been appointed to lead AMP Life as its separates and moves to Resolution Life. Beer will then head Resolution’s Australasia region.

Further, Blair Vernon has been named as the head of the bank’s New Zealand advice and wealth operations.

In addition, Craig Ryman, currently technology group executive, has been appointed as the new COO.

AMP CEO Francesco De Ferrari said: “2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team.

“In Australian wealth management, 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.”