The Paris-headquartered financial services group is changing its management committee following the retirement of its chief economist.

AXA has hired Laurence Boone as its new chief economist and head of research at AXA Investment Managers.

Boone joins from the Elysée, where she advised the French president on multilateral and European economic and financial affairs. She replaces Eric Chaney who will retire in September.

Previously, she was chief economist, Europe, at Bank of America Merrill Lynch Global Research from 2011 to 2014 and, before that, chief economist for France at Barclays Capital.

Based in Paris, Boone will lead a global team of ten economists and investment strategists. She will become a member of AXA IM’s executive committee.

“She is a leading economist, with a very strong track record at international organisations, leading financial institutions and more recently in her role of advisor to the French Presidency Office on world affairs,” said the chairman and chief executive of AXA, Henri de Castries.

“I am confident that she will continue the excellent work done by Eric and his team in providing invaluable insight to our management committee as well as our investment managers and their clients.”

Recent months have seen a swirl of media speculation that AXA might sell some of its UK businesses, including wealth management. The group has, however, remained tight-lipped on the reports.