Bluefin Advisory Services has made a £62m writedown following the restructure of its private client arm.
Companies House filings show that in the year ended December 2009, Bluefin Advisory Services saw impairments of £62m. These followed imp-airments of £40m in 2008 which were also attributed to business restructure.
The Axa-owned group ann-ounced earlier this year that its number of private client arm advisers would be cut from 180 to 50.
The division, formerly part of Thinc Group, was renamed Bluefin Wealth Management after the restructure, which the firm says it implemented due to retail distribution review requirements.
Bluefin Advisory Services chief executive John Simm-onds says the impairment charges should be the last following the restructure.
He says: “We have emerged from the restructure a financially stable business. Performance targets for the first nine months of 2010 have been met and the company fully expects to meet targets for the rest of the financial year.”
A statement from Axa UK adds: “We are happy with the investment that we have made in Bluefin Advisory Services, which is proceeding satisfactorily.”