Bulk asset transfers present risk to investors, says Axa

AXA Elevate managing director David Thompson said the approach places customers at risk of increased costs due to cost differences between retail and clean share classes. Thompson said the conversion process would be better managed by advisers. Standard Life and wrap platform Novia have both announced plans to start bulk conversions of retail share class funds into clean share classes later this year. But Thompson said: "Following the publication of platform paper PS13/1, we considered automatically converting assets on Elevate from retail to equivalent clean share classes. "How...