AXA Investment Managers, the asset management subsidiary of AXA, has appointed Andrea Rossi as chief executive after Dominique Carrel-Billiard decided to step down, effective from 22 July.

Rossi joins from AXA Assicurazioni, AXA's Italian insurance arm, where he has been chief executive since 2008.

Frédéric de Courtois, chief executive of AXA MPS, the bancassurance subsidiary of AXA, will head AXA’s main insurance operations in Italy going forward.

Rossi began his career at Olivetti in the finance department and has also worked at Morgan Stanley, General Electric Group, and Transamerica Aegon. In 2001, he joined the AXA Group as senior vice president, business support and development in the Mediterranean, Middle East and Latin America, and subsequently became chief operating officer. In 2006, he moved to Dubai as chief executive and deputy chairman of AXA Insurance Gulf and Middle East.

AXA Investment Managers has €562 billion ($737 billion) in assets under management, as of 31 March 2013.