Axa-owned dealer group Monitor Money has been absorbed into the firm’s existing advisory network of ipac Australia.
Ipac Australia executive chairman Arun Abey confirmed the move had been made, though denied rumours Monitor Money had been scrapped altogether.
“Monitor Money has been absorbed into the existing businesses,” Abey said.
“It hasn’t been scrapped in the sense that it has been closed down, or it is not operating as a standalone business. It has been absorbed into various hubs across Australia.”
News of Monitor Money’s absorption into ipac comes just days after the firm announced a new chief executive and plans to integrate its Australian and Asian operations.
Ipac’s current chief Peeyush Gupta announced earlier this week he will step down from his post as chief executive of ipac in April.
Gupta, who was also head of advice for Axa, will be replaced in the top job by Neil Swindells.
As well as assuming the chief duties, Swindells will oversee Axa’s advice businesses in Australia and Asia.
Swindells’ appointment was part of a larger plan for ipac’s next period of growth, Abey said.
“The incorporation of ipac Asia under Neil’s leadership will create a smoother experience for clients transferring between countries,” Abey said.
“The move also improves ipac’s ability to extract economies of scale from a more integrated business. We enter an era where ipac’s vision for growth in advice can be international in scale.”
