AXA Investment Managers has acquired Framlington Group from HSBC and Comerica for £174m.
The Framlington Group will operate under the new brand name of AXA Framlington and will join the AXA IM multi-specialist model as an equity manager alongside AXA Private Equity, AXA Real Estate Investment Managers, AXA Rosenberg and AXA Multimanager retaining its existing investment processes.
AXA IM says the Group will develop through the recruitment of additional investment managers and the creation of new products and will handle the distribution of the fund range throughout its European and Asian distribution channels.
Subject to approval from the Financial Services Authority Robert Kyprianou will become chief executive at AXA Framlington taking on the new role in addition to his current responsibilities as global head of securities investment management at AXA IM.
The deal is expected to boost AXA IM’s UK equity capability through a range of products covering both UK-based equity strategies and sector specific investments as well as a presence in the UK investment trust market.
Nicolas Moreau, chief executive at AXA IM, says: “Framlington is a great strategic fit for the AXA IM Group. Their strong equity capability provides a significant enhancement to our multi-specialist model whilst their solid performance in mutual funds provides us with a core competitive advantage within the retail distribution market. UK intermediaries can be reassured that we will preserve the strength and independence of Framlington’s fund managers.
“It is our belief that the transaction brings a multitude of long-term advantages to our growing global client base, bringing us closer to our goal of being recognised as a leading third-party asset manager.”
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