AXA UK has confirmed that it is in exclusive discussions with the board of Thinc Destini Group with a view to acquiring 100 per cent of the ...

AXA UK has confirmed that it is in exclusive discussions with the board of Thinc Destini Group with a view to acquiring 100 per cent of the UK IFA network. Paul Evans, chief executive of AXA Sun Life said: "Our discussions with the board of Thinc Destini are at an advanced stage and I hope that we can progress quickly to an acquisition. We believe an acquisition of Thinc Destini would represent an exciting development both for AXA and Thinc Destini and would allow both companies to forge ahead with their ambitious growth plans. "Our intention would be for AXA to run Thinc Destini as an independent advisory firm, separate from AXA's product provider businesses. In doing so, we would strengthen our presence in the distribution of life, investment and pensions products in the UK." Thinc Destini is a multi-channel advisory business with a national multi-tie, IFA and network model with more than 650 advisors. The business has approximately £3 billion ($5.7 billion) of funds under advice and procured around £3 billion of mortgages for customers in 2005.