Ipac picks up AXA super consulting

AXA/fund-managers/portfolio-manager/chief-investment-officer/

15 May 2003
| By John Wilkinson |

AXAhas brought the asset consulting of its superannuation products in-house, awarding the work previously handled byvan Eyk Research to Ipac.

The research group will be retained in a reviewing role, according to AXA chief investment officer Mick O’Brien, but Ipac will be the portfolio manager for all the multi-manager products, which includes AXA’s Super Directions and Summit Select.

“Ipac has taken responsibility for manager selection and implementation. We are now finalising the selection of managers and will announce who is retained by the end of the financial year,” O’Brien says.

Super Directions has about 10 managers on the approved list and Summit Select has a similar number, but O’Brien says there will be a final list of about 12 managers when the AXA and Ipac portfolios are combined.

The consolidation of the two business streams will bring $7 billion of funds under management for Ipac. AXA will be moving its $2 billion of funds during the next couple of months.

O’Brien says the move will also see AXA using Ipac’s investment structure, which uses mandates with fund managers rather that unit trusts.

“The new investment structure will mean reduced costs for investors when fund managers are changed in the future. There are cost savings for AXA from the move as the bigger mandates will give us more buying power,” O’Brien says.

He also says Ipac will bring better communication to advisers as part of the re-organisation.

AXA says the merger of the three products will make it the second-largest multi-manager in Australia.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS