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Axa buys Framlington

Axa has confirmed market speculation and is to buy Framlington from HSBC for 174m over net asset value at the time of completion, subject to FSA approval.

Money Marketing reported earlier this month that Axa felt Framlington would be a good strategic fit but negotiations were thought to centre on the veto of Framlington’s key managers George Luckraft, Nigel Thomas and Roger Whiteoak.

It is not yet known whether they will be tied in following the deal, or if so, for how long.

Framlington says its investment process and culture will be preserved to benefit investors.

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