UK - AXA Investment Managers has bought 100% of the Framlington Group for a total consideration of £174m over consolidated net asset value at completion.
The firm will be rebranded AXA Framlington, and will be headed up by Robert Kyprianou who is to take the post of CEO.
Kyprianou will also continue his current responsibilities as global head of securities investment management (SIM) at AXA IM.
Nicolas Moreau (pictured), CEO, AXA IM, commented on the acquisition: “Framlington is a great strategic fit for the AXA IM Group. Their strong equity capability provides a significant enhancement to our multi-specialist model.” Lord Douro, chairman of the Framlington Group, further commented: “The sale of Framlington to AXA will give Framlington a new life. Our highly talented and regarded fund managers will now have the support of a large and successful distribution network. At the same time the investment process and culture will be preserved which will benefit all our investors and intermediaries. I wish Framlington well under its new owners.”
Framlington had £4.5bn under management as at 30 June 2005. AXA Framlington will be developed through the recruitment of additional investment managers and the creation of new products. The transaction is subject to FSA approval.
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