A joint AMP/AXA business would claim an owned or aligned advisory force of almost 800 in New Zealand with AMP contributing 380 advisers and 398 under the AXA banner.

By comparison, the Sovereign risk adviser chain SovNet, currently the largest aligned advisory network is understood to number about 450.

While the majority of advisers in a combined AMP/AXA business would be classed primarily as risk specialists, roughly 60 investment advisers sit in the AXA-owned Spicers firm.

AXA also recently launched the AdviceFirst group, which claimed 33 advisers operating under its auspices. As well, AXA supplies multi-manager investment services to a number of other groups including New Zealand Financial Planning.

Unlike its Australian counterpart, AMP New Zealand does not own any ‘third-party' advisory groups, however, it bought the mortgage-broking network Roost in 2007.

AMP also said a merger with AXA would give the business access to 1,000 independent financial advisers.

In a statement heralding the A$11 billion offer for AXA Pacific, AMP chief executive, Craig Dunn, said the combined entity would "create a new force in Australian and New Zealand financial services, with financial advice at its heart".

The deal values the New Zealand and Australia assets of AXA Asia Pacific at A$4 billion with the firm's Asian assets to end up in the hands of AXA's parent French company if the merger proceeded.

Ralph Stewart, head of AXA NZ, said he was not able to make any comment on the potential fate of the group's advisory networks until talks between the two parties were concluded.

AXA rejected the initial offer earlier this week, however, Stewart said negotiations were continuing.

Yesterday, Standard & Poors lowered its long-term counterparty credit and insurer financial strength ratings for AXA Australia and AXA New Zealand from AA to A+ as a result of the proposed merger.