View more on these topics

Axa buys Thinc Destini for £100m

Axa UK has confirmed it will acquire the whole of the Thinc Destini business for £100m.

The deal, as first revealed by Money Marketing in July, was confirmed this morning. It sees Axa’s formal offer to shareholders for £70m based on financial performance of the business during 2009.

Axa has agreed another £30m to refinance Thinc Destini’s debt, as accumulated through its IFA acquisition process.

Axa are buying the entire share capital of Thinc Destini under a newly created company, Advisory Services Limited.

The details of the golden handcuffs to be placed on key management are as yet unknown.

The transaction is subject to the satisfaction or waiver of certain conditions, including the Offer being accepted by Thinc Destini ordinary shareholders holding at least 90 per cent of the issued Thinc Destini ordinary shares.

Axa Sun Life chief executive Paul Evans says: “Axa UK believes this is a very exciting development for both Axa UK and Thinc Destini which, under our ownership, should benefit from the operational management expertise and global distribution experience of the Axa Group.

“Our intention is for Axa UK to run Thinc Destini as an independent advisory firm, separate from Axa UK ’s product provider businesses. We believe that this acquisition will help strengthen our overall UK market proposition by extending our offer to the provision of independent financial advice and planning services. This is consistent with our intention to grow our distribution capability and gain greater and closer access to our customers.”

Thinc Destini chief executive Simon Chamberlain says: “I am delighted that Axa UK is looking to acquire Thinc Destini and our Board has unanimously recommended all of our ordinary shareholders to accept the offer. The Thinc Destini board believes that this represents a good opportunity for us to build on the existing strengths of Thinc Destini under the ownership of Axa UK .”


Loan industry criticises twin strike at MPPI

The mortgage industry has expressed its disappointment that mortgage payment protection insurance has been referred to the Competition Commission as part of the wider PPI storm. Both the Council of Mortgage Lenders and Association of Mortgage Intermediaries claim that the MPPI sector is the healthier end of a market that came in for a twin-barrelled […]

Bright Grey extends life and CI terms

Bright Grey is to extend the maximum term of its life and critical-illness cover from 25 years up to 40 years in response to demands from advisers wanting longer-term protection for their clients. The changes will take place at the end of October and reviewable rate life or critical-illness cover will increase to a maximum […]

HBOS is the best in show

The Midland Bank was once regarded as the Listening Bank but today it can be applied more deservingly to HBOS which is winning graciously and seems unencumbered by arrogance, vanity or complacency.

China in your hands

It seems that Jupiter is going from strength to strength and adding talent faster than Chelsea Football Club. Richard Curling has come in from Deutsche to run the smaller companies fund and Simon Somerville came from Cazenove to run the new Japan income fund which, despite a torrid year for Japan, is at least up […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm