AXA IM shuts Talents OEIC as Firmin-Didot exits

AXA Investment Managers has shut its £5.5m AXA Framlington Talents fund because of its small size while Charles Firmin-Didot, the creator of the Talents strategies, has left the group.

Firmin-Didot, who has left to pursue other opportunities, joined AXA IM in December 2003 to develop and manage the Talents range of funds based on the process he developed while at his own firm Sophia Asset Management.

The Talents strategies focus on entrepreneurs who hold a large stake in their company and intend to make further investments to generate long-term growth for their firm.

The group said its decision to shut the onshore vehicle was unrelated to Firmin-Didot’s departure, but rather a factor of the fund’s size.

“After careful consideration we have decided that the UK-domiciled AXA Framlington Talents OEIC, at £5.5m in size, no longer has sufficient AUM to be managed in an economical way,” a spokeswoman said.

AXA IM’s two other funds in the Talents strategy, the offshore AXA WF Framlington Talents Global and AXA WF Framlington Emerging Markets Talents funds, will remain open.

Mark Beveridge, the global head of AXA Framlington who worked alongside Firmin-Didot on the portfolios, will now take over management of the Talents strategies.

The Talents OEIC, a mirror of the World Funds vehicle, was launched in February 2007 but failed to perform for investors. Over the five years to 10 August it has lost 27.6% versus an IMA Global sector average return of 13.5%, according to Morningstar.

 

This article was first published on Investment Week

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