Axa IM moves Framlington funds to single pricing

Axa Investment Managers is switching its Framlington unit trusts from bid-offer pricing to a “single swing” structure, starting 8 September. 

The Axa General Trust will also be shifted to the pricing form that Axa IM says will simplify purchases and redemptions.

Axa IM will adjust the fund’s unit price to account for the effects of investor flows.

Axa IM head of UK Wholesale Distribution Rob Bailey says the change will stop new investments and exits diluting existing investors’ holdings, particularly during periods of extended outflows or inflows.

A simplified policy is “advantageous” for the firm’s marketing, he says.

“The move to single pricing is an important step: Instead of having two prices – the bid and the offer – there is just one.,” he explains.

“The ability to implement swing pricing to protect existing unit holders highlights our commitment to delivering the highest standard of service to our clients.”

Pricing change timetable:

Phase Funds included Effective date of change


AXA Framlington Emerging Markets Fund, AXA Framlington Blue Chip Equity Income Fund, AXA Framlington UK Mid Cap Fund, AXA Framlington UK Growth Fund and AXA Framlington Japan Fund

8 September


AXA Framlington American Growth Fund, AXA Framlington Biotech Fund, AXA Framlington Monthly Income Fund, AXA Framlington UK Select Opportunities Fund, AXA Framlington Global Opportunities Fund and AXA Framlington Financial Fund

15 September


AXA Framlington Equity Income Fund, AXA Framlington Global Technology Fund  and AXA Framlington Managed Income Fund

22 September


AXA Framlington European Fund, AXA Framlington Health Fund, AXA Framlington Managed Balanced Fund, AXA Framlington UK Smaller Companies Fund and AXA General Trust

6 October

Source: Axa Investment Managers