Axa will gain access to the banks’ 2.3 million customers under the exclusive distribution deal.
Financial planners will use Axa’s Elevate platform’to manage clients’ investment portfolios
£1.2bn of funds under management will be transferred form MLC to Architas Multi-Manager.
Clydesdale and Yorkshire Banks will retain their separate team of senior financial
planners, who will move from a multi-tie arrangement to a whole of market proposition.
The 129-strong team of financial planners, based in Clydesdale and Yorkshire Banks’ 342 retail branches will transfer to AXA and will provide advice on the firm’s own products.
Clydesdale and Yorkshire chief executive officer Lynne Peacock says: “Our core strength is in traditional retail and business banking and this initiative allows us to focus even more sharply on this, while participating in the creation of a world class wealth management and protection business for our UK customer base.”