Axa today declared itself happy with its investment in Bluefin Advisory Services after the intermediary revealed it made a £62m write-down last year following a restructure of its private client division.
The impairment charge contributed to losses after tax of £64m in 2009 following a £41m loss the previous year, when a £40m impairment charge was incurred.
Bluefin said the write-down was "fully anticipated" and represents the final step in the restructure of Bluefin Private Clients, now Bluefin Wealth Management.
Parent company Axa said its investment in the company, which it bought in 2006 as Thinc Destini, was "proceeding satisfactorily".
"We are happy with the investment we have made in Bluefin Advisory Services, [which has] significantly restructured to ensure it is best placed to take advantage of the many changes that are happening in the life industry, especially RDR.
"We have a clear strategy in place and managing distribution continues to be key to AXA's future strategy in the UK."
The restructuring of Bluefin has seen the firm cut its number of advisers from about 180 to just 50, although funds under management have remained at the same level.
John Simmonds, CEO, says: "Bluefin Advisory Services is pleased to confirm it has successfully emerged from the restructuring process a financially stable business.
"Performance targets for the first nine months of 2010 have been met, and the company fully expects to meet full year targets.
"The turnaround of Bluefin Wealth Management is on track, while Bluefin Corporate Consulting has already achieved a record number of new client wins in 2010."
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