View more on these topics

Axa corporate wrap would challenge Friends and Bluefin

Axa Wealth may end up competing with both Friends Provident and Axa-owned IFA firm Bluefin if it pursues the development of its own corporate wrap plans.

Money Marketing revealed last week that Axa Wealth has retained the capability to offer a corporate wrap following the £2.75bn Resolution/Friends Provident acquisition of Axa’s life arm.

Under the terms of the acquisition, Axa’s corporate wrap team have been transferred to Friends.

If Axa Wealth resurrects its plans to develop a corporate wrap, it would be in direct competition with Friends’ wrap, which is being developed.

Friends says it continues to actively push forward its corporate wrap plans and is looking to launch the initial version later this year.

Friends UK corporate director James Ward says: “We expect these efforts to be reinforced by the skills, capability and experience of the Axa staff who will be joining us shortly. We are confident that our offering will be leading the market and we are happy to take on any competitors in this space.”

A corporate wrap offering from Axa Wealth would also go up against Bluefin, the IFA firm owned by Axa, as Bluefin already has an established employee benefits division.

Threesixty commercial director Phil Young says: “As Bluefin’s employee benefits consultancy owns a flexible benefits platform in Orbit, it will be interesting to see whether Axa’s corporate wrap works alongside this or in a different market psector altogether.”

Bluefin Corporate Consulting head of technical, marketing and research Robin Hames says: “While we obviously take an active interest in all developments in the wrap market, Axa’s plans do not have any bearing on Bluefin’s day-to-day operations. As a provider of independent advice and benefits consultancy, we are not tied to any single platform and take decisions purely in the best interests of our clients.”


Mortgage market remains subdued in July

The mortgage market continued to be subdued in July in what is traditionally a strong month, according to the Council of Mortgage Lenders. There were 56,000 loans worth a total of £8.4bn for house purchase advanced in July, up from 52,000 in June, worth £7.7bn, and from 53,000 worth a total £7.3bn a year ago. […]


‘Life offices will raise margins at expense of advisers’

Allium Capital has warned advisers that life companies are trying to “dramatically increase” their margins at the expense of advice firms. Managing director Ronan Kearney says life offices are taking advantage of the FSA’s ban on commission and platform rebates under the RDR. He says the move will put up to 0.75 per cent of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment