The sale will likely see the businesses, known collectively as Axa Wealth, sold to separate bidders, reports Bloomberg, citing sources close to events.
Standard Life is understood to be bidding for Elevate, a platform that helps UK IFAs manage client investments. In its most recent financial results, Axa Wealth reported a 14% increase in platform assets to £10.5bn for the year ending 31 December 2015.
When contacted by International Adviser, a spokesperson advised: “As a general policy, we never comment on any market rumor.”
Déjà vu
British media reports in August 2015 suggested that Axa Wealth was to be sold. Barclays was reportedly appointed to handle the sale, with sources advising that, while parts of the business may be attractive, selling it as a whole had proved difficult.
Axa operates a range of business in the UK, including Axa Wealth, which includes investment manager Architas and the platform Axa Elevate, the private medical insurer Axa PPP Healthcare, and the general insurer Axa Direct and Partnerships.
An Axa spokesperson at the time said: “We don’t comment on market rumours or speculation.”
International sale?
The Sunday Times reported in November last year that Axa was also looking to offload its Isle of Man-based international wealth business.
Sources at the time told the paper that the firm had grown tired of the regulatory environment in the UK, and that Axa Wealth International’s offshore bond business was also a potential sale target.
It is not clear at this stage if the international wealth business is included in this latest sale attempt.
