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Axa Multimanager funds deal

Axa Multimanager is offering two multi-manager funds, with Bradford & Bingley set to transfer its current discretionary business into the new funds.

The Axa select income and select growth funds will open on October 15 but will not be targeted at the mainstream retail market until all B&B funds have been transferred.

Axa says it is looking to make the products widely available to IFAs in the future but will initially put a minimum investment limit of £100,000 and offer no discounts on the 5 per cent initial charge to discourage external investment.

The two funds invest in a range of bespoke funds. The UK portfolios will be managed by Merrill Lynch, SG Asset Management, GMO Woolley and JP Morgan Fleming. Schroders will run the European portfolio, with Clay Finlay managing the Asian equities mandate, Morley managing gilts and M&G managing corporate bonds. Credit Suisse and Goldman Sachs will run the US equities portfolios.

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