Joëlle Morlet-Selmer, head of the small-cap European equities team at Axa Investment Managers, has decided to leave the company. Morlet-Selmer had been in charge of the five-strong team for 18 years, and was responsible for €2bn ($3.2bn) in client money.

At Axa, her portfolios will be picked up by Serge Pizem, head of the Paris-based Equity Conviction team, which comprises Axa Investment Managers' five core equity capabilities.