A management structure change by the firm sees one of its senior figures depart.

The Isle of Man-based investment product provider, Utmost Wealth, has shed one of its senior managers following a review of its structure, the firm confirmed to this publication yesterday. 

Simon Willoughby, head of proposition at the firm, which was created out of AXA Isle of Man, is leaving the business, it said in a statement. 

“Following completion of a review across Utmost Wealth Solutions, the company has made some changes in its management team. As part of this, senior management responsibility for both the existing Distribution and Proposition business functions will be merged. The newly combined area will be headed by Simon Woolnough, currently head of distribution for Utmost Wealth Solutions. As a result Simon Willoughby, currently head of proposition, will be leaving the Utmost Group,” it said.

“Following the successful acquisition of the business last year, it made sense strategically to now review our leadership team and their focus,” Mike Foy, chief executive, said.

“Having a single executive responsible for sales and marketing will allow us to better focus on our core markets and help deliver the sales and propositional changes we need to ensure Utmost Wealth Solutions makes a wealth of difference to our customers and their advisors,” he said.

Willoughby was at AXA Wealth International for nearly five years and remained there after it was acquired by Life Companies Consolidation Group (LCCG), the insurance company consolidator, in 2016. It subsequently rebranded as Utmost Wealth.