Axa Investment Managers, whose new chief executive has made a series of senior staff changes in the past year, is to continue the overhaul with a revamp of its institutional business. The manager has hired a new head of consultant relations from Fidelity and Alastair Cuming, head of the institutional business, is to leave the group after just over two years.

Axa's new UK chief, Martin Hall, is splitting Cuming's role into three - a head of consultant relations, a head of business development, and someone to take charge of client service. The changes take effect in January.