Axa has acquired Challenger’s financial planning business, Genesys Wealth Advisers, and adviser platform Synergy for $150 million. The deal includes the transfer of Axa Australia’s $1.3 billion closed annuity portfolio to Challenger. Andrew Penn, chief executive officer of Axa Asia Pacific Holdings, says the transaction further grows Axa’s distribution business and simplifies its operations.

“Through Axa Financial Planning, Charter Financial Planning, ipac, Tynan Mackenzie and Monitor Money we have a quality advice network,” he says. “Genesys will further strengthen this position, adding $12 billion of funds under advice and 350 advisers, consolidating Axa’s position as one of the leading operators of advice businesses with approximately 1600 advisers.”

The firm is aiming to double its enterprise value in Australia and New Zealand over the next five years. The purchase of the financial planning business is expected to complete on June 30.

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