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August 23, 2017

Phoenix Group to axe jobs at Axa Wealth

Phoenix Group is set to axe jobs at Axa Wealth branches in Basingstoke and Bristol as part of acquisition of the business.

In May 2016, Phoenix’s subsidiary Pearl Life Holdings agreed to buy Axa UK’s investment and pensions business AXA Wealth and its protection business SunLife in a £375m deal. The deal added £12.3bn of assets and 910,000 policies to Phoenix’s books.

The businesses are presently in the integration process, with AXA being migrated to an outsourced service model.

The company however did not provide details on the precise number of redundancies.

Commenting on the layoffs, a Phoenix spokesperson 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.”

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