A string of senior executives are quitting Axa Asia Pacific, leaving questions over who will lead the group into the future. Head of health insurance Richard Bowden intends to move with the division when it changes ownership later this year. Corporate Affairs GM Robin Burns left in May, and CFO Matthew Slatter will be the next to go.

He’s likely to stay on until October but last week’s announcement of Mr Slatter’s departure has raised doubts as to who will succeed CEO Les Owen if he decides to leave when his contract runs out. Axa won’t confirm when Mr Owen’s contract expires.

Mr Owen joined Axa Australia in January 2000, but investment information provider Morningstar has questioned the breadth of responsibilities he has to handle. Axa Australia restructured its funds management operations in recent months, and with a number of high profile and well-regarded executives leaving, this begs the question of whether the company will be able to push itself into the ranks of the top five funds managers.

According to Merrill Lynch insurance analysts, a competitive and challenging environment for funds managers has left AXA struggling to compete.