As president and COO of Mellon Financial, Kip Condron had his hands full helping to oversee a unified distribution front for multiple independent money management businesses. He ran mutual fund giant Dreyfus, while trying to penetrate every channel that reached the institutional, retail and high-net-worth segments. Now, as the new CEO of New York-based Axa Financial, the U.S. unit of Europe’s biggest insurer, Axa Group, Condron will be busier than ever.
“Axa’s focus on financial planning, delivering financial solutions, understanding client needs - that is what I spent my whole career working on,” he notes. He succeeds Ed Miller, who joins Axa Group’s supervisory board as a senior adviser to CEO Henri de Castries. “The appeal of being a part of one of the few true global players is what made this an opportunity I couldn’t resist,” says Condron. His most pressing task at Axa Financial may be integrating the value-oriented Sanford C. Bernstein & Co., bought in May of last year, into the growth-oriented Alliance Capital fold. Bringing growth and value together could create the ultimate investment synergy, but Condron will have to execute the merger without damaging the egos or spirit of the two core teams. “Frankly, I’m energized,” he says.
