Mon, 28 Sep 2015 | BUSINESS SALE
AXA is set to offer its wrap platform Elevate to private equity companies as the UK division of the business continues its restructuring programme.
The firm has been the focus of business sale rumours for months now, but CityWire's New Model Adviser has confirmed that it has now offered Elevate to several private equity firms. The sale would also see it dispose of Sun Life and its offshore businesses.
Barclays is offering the sale to private equity investors on AXA's behalf and, as New Model Adviser understands, the Paris-headquartered insurance firm is hoping for a price in the region of £250 million.
The sale itself appears to have been prompted by the parent company's impatience regarding the platform's profitability. While there have been improvements in the company's accounts, it is still recording a multi-million pound loss.
The news comes amid a major restructuring process. Mike Kellard, CEO of Axa Wealth, has told the FT Adviser that while he set some tough targets for the firm, things are ahead of plans in the restructuring process.
“We agreed with Axa Group to break even in 2014 and move into profitability through 2015, as well as getting our wrap platform and Architas to scale. We are now ahead of that plan,” he said.
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