The management team behind Genesys Wealth Advisers will move across to Axa.
Challenger Financial Services financial planning boss Greg Kirk will remain with the Genesys Wealth Advisers group following its sale to Axa.
Challenger announced yesterday it had sold off both the Genesys Wealth Advisers group and its platform, Synergy Capital Management for the cash sum of $150 million.
"I've agreed to stay on. That was the subject of conversations with the acquirer and myself and my leadership team have full convictions for the future of the business and the acquirer intends to run it. That sovereignty was a critical component," Kirk told InvestorDaily.
Genesys' member firms were informed of the sale in a communication from Challenger at 9.15 yesterday morning.
Member firms will learn of the possible financial benefits of the sale next week, Kirk said.
AXA Financial Advice general manager Andrew Waddell believes Genesys has great potential.
"We're attracted to its strategy and we believe as a provider of quality services to advisers we can enhance business performance.... and I guess that's the excitement for us around the opportunity," he said.
Genesys has 374 advisers with around $12 billion in funds under advice, according to the latest IFA Dealer Group Survey.
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