Bradford & Bingley is to hand Legal & General a £400m multi-manager mandate after ending its contract with Axa Framlington.
As revealed by Money Marketing last September, the move sees L&G launch two multi-manager offerings, in the shape of income and growth funds similar to those run by Casper Rock at Axa, to run the money.
The transfer takes place on July 14. There will be a 1 per cent annual fee which will increase with higher returns. The investments will be held on L&G’s own fund platform, the Investment Portfolio Service.
The loss will hit Axa Framlington’s multi-manager range hard, leaving it with around £200m across six funds. Chief executive officer Rob Kyprianou says: “We were aware of this change for some time as B&B is one of our biggest clients. We have been happy with performance since Casper came in and for now it is business as usual.”