Axa is in acquisition talks with Thinc Destini and hopes to have the deal tied up soon.It says Thinc Destini would continue to be run as independent advisory firm and Axa would use the deal to expand UK distribution and offer greater consumer ins- ight and a closer relationship to customers. The move, exclusively revealed in Money Marketing in July, will mark Axa’s first foray into the adviser market. It is confident it can turn Thinc Destini into a profitable business and it would consider funding further acquisitions in the sector. Chief executive Simon Chamberlain says: “There has been a great deal of specu-lation about the future of Thinc Destini in recent months. A number of major institutions have followed our progress closely and we are now at a stage in our development when there would be significant benefits to Thinc Destini and Axa if a deal is forthcoming as a result of these discussions.” Thinc Destini, which has 700 advisers, valued itself at 109m in March. Three directors, including Chamberlain, each have a 7 per cent share which would be worth around 7.6m each on this valuation. Axa Sun Life chief executive Paul Evans says: “I have said I would not invest in advisers to acquire a minority interest as I do not think that is in the best interests of the IFA or the provider. “It is our intention to acquire this entire business, which we see as having enormous potential for growth, either by acquisition or organically. “We believe we can generate value for the shareholders and turn the business into a profitable one. We are confident this deal will take place quickly. We are just awaiting a statement to go out to shareholders before we can progress to the next stage.”
Rumours are rumbling on of another approach by Aviva to buy Prudential but both parties have denied it with Pru saying it does not comment on “rumour and speculation”.
Standard Life is offering advisers the chance to commission their own piece of art from a young artist. The firm is sponsoring Braveart 06, a showcase for Scottish student artists to be held in the Atlantis Gallery, Brick Lane, London from September 21-24. The winning entrant, chosen at random, will be given 1,500 to commission […]
The FSA is proposing measures to simplify the approved person regime, which it hopes will save firms around £1m a year.It is consulting on merging the customer functions in the regime which it says will lessen the burden of paperwork on firms in the wholesale and retail markets.Managing director of regulatory services David Kenmir says […]
BM Solutions has introduced a near-prime range for borrowers with up to £500 of county court judgments.Rates begin at 5.15 per cent and it adds a new category to BM’s range which also include bands for borrowers with £1,500 and £3,500 of CCJs.Products in the near prime 500 range include a tracker at base rate […]
One of the areas that will be high on the new minister for pensions’ to-do list will be the forthcoming review of automatic enrolment (AE). The outgoing minister had regularly said that AE contribution levels would need to be revisited early in this parliamentary term, and new research by Jelf Employee Benefits reveals employer support for such proposals.
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