One option under consideration is the sale of BAS, which could reportedly bag the group a sum in excess of £100m.
Fenchurch will look at prospects for the "continued growth of the business under its existing ownership structure" as well as assessing and testing whether the business would do better under new ownership, according to a statement released by AXA UK.
Bluefin Insurance Group, the general insurance broking business within AXA’s commercial lines operation and headed up by Stuart Reid, is not included in the review and will not be sold nor brought "in-house", it continued.
A spokesperson at AXA Wealth Management also said the review was no reflection on its operations and was completely unrelated. She added that it would be conducted in complete isolation to the AXA Wealth Management business.
BAS employs more than 2,000 people in over 60 offices across the UK and is backed by the AXA Group. It is split into Bluefin Wealth Management and Bluefin Corporate Consulting, which are "hive ups" of a number of companies that have been acquired over time, according to a spokesperson for the firm.
The wealth management business is largely made up of the legacy business of Thinc Destiny, which was acquired by AXA UK in 2006, but also has a series of wealth management boutiques within it.
Meanwhile, Bluefin Corporate Consulting contains a number of employee benefits consultants, including PIFC and BCC.
According to The Sunday Telegraph, a management buyout by chief executive of BAS Nick Burns has been mooted as one option, while interest has also been noted from private equity firms and trade buyers JLT, Marsh and Aon.
