AXA IM to restructure Framlington Financial fund as fintech mandate
AXA Investment Managers is restructuring the AXA Framlington Financial fund as a fintech fund in recognition of “the fast-changing financial service landscape”.
The £55m fund, which launched in 1986, will be renamed as the AXA Framlington FinTech fund and the investment objective will be amended, with both taking effect on 20 November.
The fintech fund will be able to invest in companies providing technological applications throughout the financial services supply chain, as well as the traditional financial companies such as banks and insurers the fund currently invests in.
The investment objective of the fund – to provide long-term capital growth – will remain the same.
Managed by Vincent Vinatier since 2015, the fund currently has over 50% invested in North American equities. Over three years the fund has returned 44.2%, FE data shows.
Vinatier commented: “Since the fund’s launch in 1986, the financial services sector has undergone dramatic changes. Technological advances have changed aspects of how people and businesses interact and operate, and this is particularly true when it comes to financial services.
“By recognising this evolution and amending the fund’s investment policy accordingly, we believe the fund will have access to more investment opportunities and be better placed to identify companies that can adapt to the fast-changing financial service landscape and provide long term growth for the fund.”
In February, the group announced plans to integrate five themes it believes will have a major impact on future returns into its internal research capabilities, including clean tech, as well as ageing and lifestyle, automation, connected consumer and transitioning societies.
This has led to a series of fund restructures, including the overhaul of the Global Thematics fund (previously the Global Opportunities fund), the restructuring of the offshore AXA Healthcare fund to a longevity fund and plans to launch a clean tech fund at the end of this year.
This article was first published by Investment Week
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