Unconfirmed reports have claimed NAB will look to jettison the Axa-owned dealer group if it is successful in its merger bid.
While neither representatives from NAB nor Genesys were willing to comment on market speculation, industry rumours have indicated that performance and dwindling adviser numbers are playing on the minds of NAB executives.
Since March, close to 10 Genesys member firms have quit their dealer group to join rivals.
Of this number, seven member firms have joined Fortnum Financial Advisers, the dealer group founded by former Genesys executive Ray Miles.
Miles also declined to comment on possible Genesys sale rumours.
In another change in the Axa/NAB/AMP love triangle, AMP has been given the green light for its takeover proposal for Axa AP.
Last week, the New Zealand Commerce Commission cleared the way for AMP to resume wooing Axa AP.
“The commission was satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in any of the affected markets,” New Zealand Commerce Commission chair Mark Berry said.
“The commission considers that competition from existing participants in the affected markets would be sufficient to constrain the merged AMP and Axa.”
While AMP is yet to officially announce whether it will rejoin the fight for Axa AP, the financial services giant welcomed the commission’s findings.
“A merger between AMP and Axa AP’s Australian and New Zealand businesses would create a fifth pillar in the critically important financial services sector, creating a stronger wealth manager to better serve the Australian and New Zealand communities,” AMP said.
“A merger would also offer both AMP and Axa AP shareholders the opportunity to benefit from the long-term growth potential of the combined group.”
Earlier this month, NAB informed the market it may look to sell off the Axa North platform in a bid to address the Australian Competition and Consumer Commission’s (ACCC) concerns over the merger.
The ACCC blocked the possibility of a merger between Axa AP and NAB, partly based on the “innovativeness and potential” of Axa AP’s platforms.
Little else is known about the progress of parties vying for Axa AP, with NAB and AMP keeping their cards close to their chest.
As they say, watch this space.
