Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a663900
The Big Interview: Axa Framlington's three-pronged plan
by Emma Dunkley on Mar 13, 2013 at 14:34
Axa Framlington’s global head Mark Beveridge is not averse to accepting a challenge. After spending 19 years running global and emerging market portfolios at Franklin Templeton, in 2004 he made a leap of faith by taking on a different kind of leadership role at Goldman Sachs Asset Management (GSAM).
The firm had haemorrhaged assets following a run of bad performance, and its offices and teams were inefficiently scattered around the world with little cohesion.
‘I joined GSAM in a “Mr Fix-it” role,’ he explains. ‘They’d had around $40 billion under management plummet to $20 billion in a few years. I came in with a task to stem losses, and turned around the performance of most funds.’
Having completed his task, Beveridge was then attracted to the global head position at Axa Framlington, as a chance to do something different.
‘This position was appealing as instead of being a major turnaround story, it was a box of puzzle pieces that needed to be put together,’ he says.
‘Before, someone was in charge of Axa Framlington UK and then someone else the Axa Framlington Paris Conviction office. So they wanted to combine these and create a new role.’
Trio of projects
Since taking on the position, there have been three major projects he has focused on. The first task was to bring all the disparate teams together across the company and work on succession plans. ‘We have had a strong UK team. We’ve been great in this area, gathering a lot of assets. But one day they are going to want to retire, so we have to think about succession planning.’
In 2010, for example, the firm’s long-standing small cap manager Brian Watson announced his retirement, which led to the firm recruiting Dan Harlow as a UK equity portfolio manager.
‘We really focus on the overall team, so as to not let the managers head into the sunset. We have been building support for the UK team.’
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
Look up the fund managers
More from us
- AXA Framlington's Peirson wary of 'bond bubble'
- Zahn appointed to co-manage Templeton Strategic Bond
- Goldman Sachs' Jim O'Neill to retire
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.