Axa Investment Managers has bought London-based Framlington Group for £174m from its current joint o...
Axa Investment Managers has bought London-based Framlington Group for £174m from its current joint owners, HSBC Holdings and Comerica.
Framlington has been primarily acquired for its UK fund range and well-known fund managers like George Luckraft, Nigel Thomas and Roger Whiteoak. The firm will operate under the brand name Axa Framlington once the deal is completed in September or October.
The asset manager also has a Luxembourg Sicav, Framlington International Portfolios, with four sub-funds. They are the FIP American Growth, FIP Health, FIP Nasdaq and FIP NetNet funds.
But the Sicav range only has £88m in assets under management. The largest fund is the Health fund (£77m) followed by American Growth (£5m), Nasdaq (£3m) and NetNet (£3m). A year ago Framlington closed four Sicav funds - Financial, Emerging Markets, Telecommunications and Kokusai Growth - because they were too small and it was not cost-effective to continue to manage them.
Axa and Framlington said it was too early in the acquisition process to say what the plans are for the Sicav range. Axa has one offshore property fund.
David Townsend, head of international sales at Framlington, has been responsible for distributing the Sicav range since joining from Scottish Life International in July 2001.
Framlington's funds have been sold via retail and private banks, fund of funds and insurance companies, through which Framlington distributes to IFAs in the international market.
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