Psigma buys Axa Framlington private client business

Handshake 3Psigma Investment Management has acquired Axa Framlington Portfolio Management, a division in Axa Framlington's UK equity team that manages £380 million (€440 million). Portfolio managers Rupert Hunter, Michael Firth and Jon Gould and their six support staff will join Psigma, which is part of the Punter Southall Group and manages £1.5 billion. “The decision to transfer our private client business followed a strategic review last year which concluded that these clients would be better served as part of a larger private client business that wished to expand its own operation,” says Mark Beveridge, global head of Axa Framlington. Jonathan Punter, chief executive of Punter Southall Group, says the company is seeking to grow its presence in wealth management. ©2013 funds europe

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