Axa Investment Managers is planning to add two products to its Select fund of managers range. One wi...
Axa Investment Managers is planning to add two products to its Select fund of managers range. One will be a cautious managed product while the other is to have a more aggressive mandate.
Patrick Cooper, head of retail at Axa, has identified areas in which the company needs to expand its multi-manager offering. He said: 'There are two things we are agreed on: a more cautious investment graded-type product and a more aggressive portfolio.
'We reckon we can hit around 60%-70% of investors with our current Select range and are really committed to launching new versions.'
The range currently contains two funds of managers: Select Income and Select Growth. Cooper said a cautious fund is likely to be launched first but stressed discussions are at an early stage.
Following the group's agreement in September to provide multi-manager portfolios to Bates Investment Services, Axa has added a B share class to the two existing Select funds.
The initial charge on the B shares is 5% but Bates' clients receive a 2% discount for Pep and Isa transfers and a 1.5% discount for unwrapped business.
Bates has said it can foresee 50% of its future UK life, pensions and investments business going into core manager of manager products.
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