Axa’s 178m purchase of Framlington from HSBC sees the fund firm’s star managers – Nigel Thomas, George Luckraft and Roger Whiteoak – tied in until 2010 as part of the deal.The firm will be rebranded as Axa Framlington and will operate as a stand-alone business from October. Axa marketing director Simon Ellis says Framlington operates a fairly traditional distribution model but the deal with Axa will give it access to a wide distribution network. Publishing half-year results last week, Axa says it is now well positioned for multi-ties due to successful distribution deals in the past year with Britannia, Millfield, Thinc Destini, National Australia Group and Barclays. It recently secured a place on Sesame’s multi-tie panel. The results show a 14 per cent upswing in new UK life and savings business for the French insurer, with annual premium equ- ivalent business – comprising 10 per cent of single premiums plus annual premiums – rising to 264m in the six months to June 2005 from 234m last year. Axa Investment Managers saw new business rise by 20 per cent to 364m from 299m. The company says the increase in business was driven by strong sales in the IFA channel, with APE sales up by 24 per cent, as well as a 32 per cent increase in unit-linked investment bonds to 98m from 74m. Ellis says: “Over the next two or three months, the Framlington fund managers will be out on the stump talking positively about the changes. Axa is a multi-specialist business. We now own a range of businesses running different money in different ways.” Chelsea Financial Services head of research Juliet Schooling says: “We are big supporters of Luckraft, Thomas and Whiteoak and are pleased they will remain with the group.”
The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry. Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have […]
A-Day is widely and rightly being touted as an opportunity to restructure clients’ pension arrangements but with the opportunity to transfer comes the opp-ortunity to churn.
From April 6 next year, the eight UK pension regimes will be replaced by a single regime.
NDF Growth Plan July 05
Survey reveals three-fifths of people with potential inheritance tax bill unaware their estate may be liable for IHT Over half don’t know that IHT rate is charged at 40 per cent Record HMRC tax receipts show that families are losing out due to lack of knowledge 78 per cent believe wealth should stay in the hands of […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]