Below is an email circulated to MLC staff last week. This is very interesting considering AMP have exclusivity in dealing with AXA and this does not expire until the 6th Feb 2010.
I am delighted to announce that we have agreed certain key terms with AXA Asia Pacific to acquire its wealth management operations in Australia and New Zealand, including its life insurance operations, investment platforms (North, Summit, iAccess and Generations) and advice businesses (IPAC, Genesys Financial Planning, Charter Financial Planning and AXA Financial Planning).
This proposed acquisition is a transformational step in our journey to deliver the best possible financial advice, wealth products and services to our customers and advisers and creates exciting new opportunities for our people. It is also an attractive transaction for our shareholders.
The wealth management industry is currently going through a period of significant change and consolidation. The successful businesses in this environment will be those with trusted brands, strong governance, scale advantages, financial strength and, most importantly, fantastic people.
MLC & NAB Wealth is one of these businesses and we will continue to play a significant role in the evolution of the wealth management industry.
Our ability to acquire this quality business, on the back of our successful Aviva and JBWere transactions earlier this year, is another symbol of the strength of MLC & NAB Wealth as we emerge from one of the toughest economic environments in history. Our business has a strong track record in acquisitions and successful integrations, and while we have a demanding integration task ahead, I believe this one will be no exception.
Today is only the beginning of this journey and successful completion of the acquisition is dependant on a number of conditions and approvals including completion of due diligence and regulatory approvals.
Upon completion of the deal, we will become the leading provider of retail superannuation, retirement income products, retail managed funds and individual risk insurance in Australia.
MLC & NAB Wealth and AXA will now be the largest provider of quality advice brands to Australians with around 2,900 aligned advisers.
There will be various team briefings taking place throughout the day where you will have the opportunity to ask questions. There will also be information posted on the MLC & NAB Wealth Intranet and, of course, you can email me at Steve Tucker Feedback.
I would like to take this opportunity to thank everyone who has worked on this initiative what a fantastic way to finish a momentous year!
Well done and congratulations!
AXA Price at posting:
$6.53 Sentiment: LT Buy Disclosure: Held
