Challenger Financial Services has finalised the sale of its financial planning division to Axa.
The financial planning division, including Genesys Wealth Advisers and financial services platform Synergy Capital Management, was officially transferred to Axa at midnight on June 30.
Genesys Wealth Advisers and Synergy Capital Management will now sit under the holding company, Genesys Group. The group is wholly owned by Axa.
"With the acquisition now successfully completed, we look forward to operating in the best of both worlds, as a stand-alone business but with the benefit of Axa's depth of experience in wealth management and advice," Genesys Group chief executive Greg Kirk said.
"Our current focus is on a smooth transition of business ownership to minimise any disruptions for our advisers and our staff. At the same time, we're exploring some of the services that make up Axa's existing offering as a means of enhancing our current offering to advisers."
Challenger announced the sale of Genesys Wealth Advisers and Synergy Capital Management on June 4.
The listed financial services group announced the sale of its advisory division for $150 million.
In a separate transaction, Axa will transfer to Challenger its $1.3 billion Australian annuity portfolio.
News of the sale coincided with Genesys commencing legal action against Ray Miles, a former employee and member firm principal.
The dealer group is taking Miles to court over his plans to set up a new dealer group in which he plans to target existing Genesys member firms.
The Supreme Court of New South Wales has ruled Miles cannot solicit the company's member firms until both parties return to court this month.
