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Psigma IM acquires AXA Framlington’s private client business

by Sarah Miloudi on Jul 12, 2013 at 07:31

Psigma IM acquires AXA Framlington’s private client business

Psigma Investment Management (PIM) has acquired AXA Framlington’s private client business. 

PIM, which forms part of Punter Southall Group, already has £1.5 billion of assets under management (AUM) but says the deal represents an 'important milestone' in its plan for growth.

Subject to regulatory approval, PIM has agreed to buy the private client business, which was previously called AXA Framlington Portfolio Management, and will take on its £380 million in AUM as well as key staff including three portfolio managers, Rupert Hunter, Michael Firth and Jon Gould.

Announcing the agreement, John Howard-Smith (pictured), chief executive of PIM, said: 'It is our strategic ambition to become one of the UK’s leading private client investment managers and this acquisition takes us one step closer to our goal.

'Rupert, Michael and Jon bring a combined experience of over 50 years and this will be highly valuable to PIM as we continue to build on our ambitious growth strategy.'

Mark Beveridge, global head of AXA Framlington, added: 'In PIM we have found a strong and dynamic group to ensure continuity, stability and security for these valued clients and this dedicated team of professionals.'

The firm's decision to transfer its private client business follows a strategic review conducted last year.  It found clients would be better served as part of a larger business looking to expand its operation. 

'From the outset it was very important the transfer of the business would allow clients to continue to receive an excellent service both in the short-term and in the years to come,' Beveridge continued.

Jonathan Punter, chief executive of Punter Southall Group, added that the firms were being brought together was a 'natural step' to expand and was a crucial part of Punter Southall Group's expansion strategy.

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