Strategy
Phoenix Group To Axe Jobs At Former AXA Wealth Branches
The firm acquired Axa Wealth in 2016 for a reported £375 million.
UK insurance provider Phoenix
Group will cut a number of jobs at former AXA Wealth
branches in Basingstoke and Bristol, WealthBriefing
understands.
This comes after the firm bought AXA Wealth in 2016, which
it re-branded as Phoenix Wealth, reported by
this publication, last month. Phoenix Wealth includes a
self-invested personal pension (Family Suntrust), a number of
individual pensions and a versatile investment bond.
A spokesperson for the firm said: “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.”
Diligenta is a provider of business process services for the life
and pensions industry.
Phoenix Group paid around £375 million ($481 million) in
cash when the acquisition between Pearl Life Holdings, a Phoenix
Group subsidiary, and AXA was completed in 2016.
