AXA picks up stake in boutique
AXA has scored a minor coup with its purchase of Ipac by also picking up a 30 per cent stake in boutique financial planning group Tynan Mackenzie.
The overall Ipac/AXA deal was due to be settled last Friday and would mean that two of the six board members of Tynan Mackenzie would come from AXA.
Tynan Mackenzie chief executive Tony Fenning confirmed that AXA had picked up a minority stake in the business and says it was the result of UBS Private Equity originally purchasing a stake in the planning group.
At the time, UBS Private Equity also owned a stake in Ipac and due to the nature of the deal, purchased the stake in Tynan Mackenzie through Ipac. As a result, when Ipac was sold to AXA, the stake was also transferred to the new owners.
Fenning says the change in ownership was not actively sought, but despite the change in board representation and minority ownership, the group would continue to hold an independent position from AXA.
He says senior staff from Tynan Mackenzie have met with AXA group chief executive Les Owen and head of distribution Neil Swindell, and were happy with AXA’s level of involvement and understanding of the business.
“AXA has a good understanding of what we are about and the effective change is really in the background. We see the move as positive but overall the effect should be low key,” Fenning says.
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Jason Spits
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