AXA IM to merge Luckraft equity income funds

AXA Investment Managers is to merge its Framlington Equity Income fund into the Framlington Monthly Income fund, subject to unitholder approval.

The group said the funds, both managed by George Luckraft, have a significant degree of overlap in terms of investment focus, strategy and risk profile. Unitholders will vote on the changes at an EGM on 25 April, with the merger taking effect on 27 April if approved. The £132m Equity Income fund has underperformed the Investment Association UK Equity Income sector over the three years to 8 April, according to FE. It returned 42.4% over that period compared with a sector average return of 51.2%. The £130m Monthly Income fund, by contrast, has returned 51.6% over the same period. ...