Axa has brought its multi-manager investment offerings in-house under Axa Wealth’s Architas business.
The group has put the €30bn (£22bn) multi-manager assets together, grouping the Architas business with the private management businesses in France and Belgium. The Axa Investment Managers multi-manager business has already been brought into Architas.
Axa Wealth chief executive Mike Kellard says: “Architas funds are central to our proposition here in the UK, and leveraging the Architas multi-manager platform across Europe will bring real scale to its activities whilst supporting one of the group’s key strategic priorities.”
Details of the move have yet to be worked out, with any potential for job losses unknown at this point.
An Axa spokesman says: “We are looking at the types of investment available later down the line. It isn’t a reduction to asset numbers, it is a way to handle it in one central place rather than having multiple outlooks.”
The new multi-manager business will be managed by Hans Georgeson as chief executive, who was previously chief executive of Architas. The hub will include 150 staff across London, Paris and Brussels.
The news comes after last week it was revealed that the French insurer is searching for a buyer for the UK wealth division, which includes the Elevate platform, Sipps, onshore bonds, corporate pensions and the Architas business.
A spokesman for Axa says: “We do not comment on market speculation.”