AXA Investment Managers has hired Marco Morelli as executive chairman, to replace Gérald Harlin who will retire at the end of September.
Morelli will join the Paris-based asset manager on 14 September from Italian bank Monte dei Paschi di Siena, where he had been CEO. Morelli will report to AXA CEO Thomas Buberl.
Harlin, meanwhile, will step down as deputy CEO of AXA and executive chairman of AXA IM when he retires. He will remain a member of AXA IM's board of directors, the company said.
AXA announced Harlin had postponed his retirement to become executive chairman in December, with then CEO of AXA IM Andrea Rossi becoming Harlin's strategic advisor.
Buberl paid tribute to Harlin, a 30-year AXA veteran, "for his very significant contributions to AXA's success and his decisive role in making the group a world leader in insurance".
The CEO said while heading up AXA IM, Harlin had "given a new impetus by putting in place a new organisation that is better adapted to its future development".
"On a personal note, I would like to reiterate that I feel particularly privileged to have worked with him. I know that all AXA employees join me in wishing him all the best in his future endeavours.
"I am very happy that Marco is joining AXA. His 36 years of experience in banking and financial services, extensive knowledge of European markets and proven leadership will be key assets to further develop AXA IM."
Harlin added he was "proud" of what he had achieved during his short time at the helm of AXA IM. "Thanks to its new streamlined organisation, based on two strategic operational pillars, ‘core' and ‘alternative' investments, AXA IM is ready to pursue its development under Marco's leadership."
Morelli said: "I am honored to join AXA, a world leader in insurance, and to take over the management of AXA IM.
"I look forward to working with the teams and drawing on their recognised expertise to take AXA IM to a new stage of growth and development, in line with AXA's strategy".
Morelli had two spells at Monte dei Paschi di Siena, initially joining in 2003 before becoming deputy CEO in 2006. He joined from J.P. Morgan, where he had served as CEO and general manager for its Italian business. He left Monte dei Paschi di Siena in 2010 to take up the role of deputy CEO and general manager at rival Intesa San Paolo Group until 2012.
After four years with Bank of America Merrill Lynch as vice chairman for EMEA and its Italian CEO. He rejoined Monte dei Paschi di Siena in 2016.