Axa has stopped issuing with-profits bonds in a move that is being viewed as the beginning of the en...
Axa has stopped issuing with-profits bonds in a move that is being viewed as the beginning of the end for with-profits investments, reports this morning's Daily Telegraph. Axa said in May it was restricting exposure to with-profits for new bond issues. Falling markets and increasing unpopularity of with-profits following the Equitable Life scandal and potential shortfalls in mortgage endowments have put pressure on life offices. Scottish Provident and Royal & Sun Alliance have already stopped selling with-profits bonds. Axa, which has a £9.5 billion with-profits fund, has par...
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