Axa team step down over coding error 02 July 2010California Reporter:
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Three members of Axa Rosenberg have stepped down following an investigation into a coding error that may have impacted upon client portfolios.
An external review found that board member Barr Rosenberg and Tom Mead, the director of research, both acted to 'limit dissemination of information regarding the error and to preclude discussion about its correction and communications at the proper levels within the firm'.
Both men have stepped down with immediate effect. The review also found that Agustin Sevilla, global chief investment officer 'did not act in a manner that was consistent with the firm's Escalation Policy'. Sevilla has also stepped down, but will transfer to a senior research role.
The board has described itself as 'deeply disappointed' in the actions of those involved and says it has strengthened many of its internal processes. Analysis of the impact of the coding error on client portfolios is ongoing and customers will be contacted individually over the coming months.
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