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Axa Framlington to loosen restraints on Luckraft fund

Axa Framlington is believed to be lifting the entry restrictions on George Luckraft’s £1.1bn equity income fund more than two years after deciding to soft close the vehicle.

While the group has yet to confirm or deny the move, it has conceded that an additional investment of some £400m since its closure back in March 2005 has meant that the group has been looking into re-opening investment for some time.

Luckraft initially closed the vehicle at the £700m mark, citing concerns over performance issues thanks to huge inflows. The fund was taken of all platforms with a hefty 5.25 per cent initial charge slapped on the portfolio without discount.

Equity income has boomed as a sector in recent years with Luckraft’s fund a leading light coming top of the sector over five years, following his move from ABN Amro back in 2002.

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