A search is about to begin for a new chief investment officer at ipac Securities replacing Mark Dutton who will assume a full-time CIO role at Axa Australia.

In 2004, Axa abandoned the chief investment role, previously held by Mick O’Brien, in light of the increasing investment management role performed by Axa subsidiaries Alliance Capital and Bernstein. Axa, which acquired ipac in July 2002, currently has a head of investments, Elizabeth Foley, but Dutton’s newly-recreated position will focus on “investment strategy leadership”, Dutton said. “The first thing is to provide investment strategy and oversight and also help plot Axa’s future direction. The role will also provide a more coordinated voice from Axa on investment related issues,” Dutton said. In the interim, Dutton will act as dual CIO for ipac and Axa and will continue commuting to and from Sydney to Axa’s Australian head office in Melbourne. “This won’t disrupt ipac at all. Part of my role at ipac was to oversee the investment team, which consists of around 40 highly capable professionals, and I will continue to do that. “The people on the ground at ipac are very well-resourced,” Dutton said