Psigma IM buys Axa Fram’s private client business

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Psigma Investment Management plans to buy Axa Framlington’s private client business as part of the wealth manager’s growth plans.

Psigma says the deal, which is still subject to regulatory approval, is expected to complete in September. The firm has assets under management of £1.5bn while Axa Framlington Portfolio Management runs about £380m.

Axa Framlington Portfolio Management portfolio managers Rupert Hunter, Michael Firth and Jon Gould, along with their six-strong support team, will move over to Psigma.

Psigma Investment Management chief executive John Howard-Smith says: “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 [Psigma] as we continue to build on our ambitious growth strategy.”

AXA Framlington global head Mark Beveridge adds: “The decision to transfer our private client business followed a strategic review last year which concluded that these clients would be better served as part of a larger private client business that wished to expand its own operation.”

The deal follows the acquisition of PSigma Asset Management by Miton Group earlier this month. Miton will pay PSigma’s parent company Punter Southall between £6.75m and £13m for the firm, dependent on the scale of PSigma’s assets under management in two years’ time.