View more on these topics

Phoenix lines up job cuts after Axa acquisition

Jobs-Ad-Newspaper-Employment-700.png

Phoenix is set to shed roles in a redundancy round following its decision to buy parts of Axa’s business last year.

The closed-book provider snapped up Axa Wealth businesses Embassy, its off-platform investment and pension division and Sun Life, its direct protection business, in a deal signed last May, before also buying rival closed-book operation Abbey Life off Deutsche Bank in September.

The deals combined set Phoenix back around £1.2bn.

As part of integrating Axa Wealth, Phoenix’s Basingstoke and Bristol offices expect to lose a “small proportion” of staff.

It is understood that some of the losses will come as Axa clients move to an outsourced service provider.

Phoenix hints at further takeovers after completing Axa Wealth and Abbey Life deals

A Phoenix spokeswoman says: “We are currently in consultation with a small proportion of the former AXA Wealth staff based in Basingstoke and Bristol so cannot confirm the exact number of job losses.

“What we can say at this stage is that a large majority of the staff will be moving over to our outsource service partners which includes Diligenta to ensure we retain their experience and expertise.”

Phoenix hired former FCA pensions director Nick Poyntz-Wright last year, and the firm has said it may consider further expansion through acquisition this year.

Recommended

Business-General-Handshake-Hire-Appointment-700x450.jpg
4

Phoenix acquires Abbey Life in £935m deal

Deutsche Bank has agreed to sell Abbey Life to rival closed-book provider Phoenix Group in a deal worth £935m. The deal is subject to regulatory approval, and will result in an expected pre-tax loss for Deutsche Bank of €800m (£688m). Abbey Life will add £10bn of assets under management to Phoenix’s Book and around 735,000 […]

Axa-Logo-500x320.jpg
7

Axa Wealth and Sun Life sold to Phoenix

Axa UK has agreed to sell the remaining part of its Wealth arm to Phoenix Group for £375m. The Wealth business includes Embassy, Axa’s off-platform investment and pension division and Sun Life, its direct protection business which provides cover for the over 50s market. The deal will add £12.3bn of assets and over 910,000 policies […]

Exit sign
4

Closed-book giant Phoenix: ‘No evidence’ exit fees blocking pension freedoms

Closed-book provider Phoenix Life says it does not consider exit charges a problem and finds “no evidence” penalties are stopping customers using the pension freedoms. The stance comes a day after Scottish Widows announced plans to scrap all exit fees on workplace pensions and Money Marketing revealed Standard Life and Prudential have capped penalties. Phoenix […]

Antonio-Horta-Osorio-700x450.jpg
5

Lloyds to push further into wealth management

Lloyds Banking Group is to expand its range of pensions and investments and plans to roll them out to more customers as part of the bank’s three-year growth plan. The Financial Times reports Lloyds wants to push into the wealth management sector as part of a strategic plan to be set out by chief executive […]

A DGT with 100% access and 100% discount?

Clare Moffat, Technical Manager, looks at the benefits of pensions from an IHT perspective. 100% access and 100% discount – what type of wrapper could this be? A pension! Post flexibility there is 100% access (for those over 55) and normally pensions are inheritance tax (IHT) free. With flexibility the options available on death mean […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment