French insurer Axa has put some of its UK businesses, including Axa Wealth up for sale as they have been struggling to make their mark in a tough market.
According to media reports, the group has appointed Barclays to manage the sale, which is expected to fetch tens of millions of pounds.
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Axa’s UK wealth division includes the Elevate platform, Sipps, onshore bonds, corporate pensions and multi-manager arm Architas.
The insurer’s other businesses in the UK include private medical insurer AXA PPP Healthcare, general insurer AXA Direct and Partnerships and Axa Commercial Lines and Personal Intermediary.
A spokeswoman of Axa Group said: "We do not comment on market speculation."
AXA Wealth’s overall funds under management (FUM) in the first half of 2015 rose by 9% to £28.8bn from £26.5bn a year ago. Funds on its wrap platform were £10bn, a surge of 20% from £8.4bn in the first half of 2014.
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