The chief executive of French insurer Axa's €560bn fund management business has stepped down and has been succeeded by the former head of its the Italian insurance arm.

Dominique Carrel-Billiard, a former McKinsey consultant, has led Axa Investment Managers for seven years. Prior to that it was managed by Nicolas Moreau, who is now chief executive of Axa France.

The French insurer has picked an internal candidate to succeed Dominique Carrel-Billiard, who leaves after seven years at the helm of its funds arm

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Investment chief departs Axa

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