Psigma Investment Management (PIM) has bought Axa Framlington's private client business, subject to regulatory approval which is expected in September.
Part of the Punter Southall Group, PIM has £1.5bn of assets under management and sees this transaction as an "important milestone in its continuing growth".
It is buying the private client business, previously known as Axa Framlington Portfolio Management, a specialist division within the UK equity team at Axa Framlington, providing clients with a fully bespoke portfolio management service.
It is currently responsible for approximately £380m of assets under management. The three portfolio managers, Rupert Hunter, Michael Firth and Jon Gould, together with their six support staff will all join PIM.
Psigma Investment Management chief executive John Howard-Smith said: "It is our strategic ambition to become one of the UK’s leading private client investment managers and this acquisition takes us one step closer to our goal. Rupert, Michael and Jon bring a combined experience of over 50 years and this will be highly valuable to PIM as we continue to build on our ambitious growth strategy.
“We remain client focused with excellent service and performance as the bedrock of our offering, as we have done for the past decade. Most importantly these cultural values, combined with our bespoke approach is part of our DNA, the very same founding principles we share with the new team.”
Axa Framlington global head Mark Beveridge said: “The decision to transfer our private client business followed a strategic review last year which concluded that these clients would be better served as part of a larger private client business that wished to expand its own operation. From the outset it was very important that the transfer of the business would allow clients to continue to receive an excellent service both in the short-term and in the years to come.
“Axa Framlington currently manages over €50 billion in assets across global, regional and thematic strategies. We remain focused on growing our business globally, providing high conviction equity products for retail and institutional clients.”
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