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Phoenix lines up job cuts after Axa acquisition


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.



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