AXA selects Barclays to maintain index tracking funds

AXA Wealth Management has announced a change of managers for its index tracking funds, with Barclays Global Investors taking over from Hermes. This follows the decision by Hermes to pull out of the management of passive index tracking funds from November 30.

The change has affected approximately 9000 plans, with each plan transferring from Hermes to the equivalent BGI funds on 21st November 2007. Plan holders can switch at any time after the changeover for no additional charge.

Details of the equivalent funds are as follows:

Hermes UK Index Tracker becomes BGI UK Equity Index Tracker
Hermes Europe (ex. UK) Index Tracker becomes BGI European Equity Index Tracker
Hermes North America Index Tracker becomes BGI US Equity Index Tracker
Hermes Global (ex. UK) Equity Index Tracker becomes BGI World (ex. UK) Equity Fund Index
Tracker
Hermes Global Equity (50:50) Index Tracker becomes BGI (50:50) Global Equity Index Tracker
Hermes UK Long Gilt Index Tracker becomes BGI Over 15 Years Gilt Index Tracker
Hermes Index Linked Gilt Index Tracker becomes BGI Over 5 Year Index Linked Gilt Index
Tracker

Vince Rennie, Chief Investment Officer, AXA Wealth Management commented: "Passive index tracking funds attract significant investment on to our Lamda platform. This change will allow us to continue to offer a comprehensive range, particularly as part of the Lifestyle profiles we offer. We are confident that our customers will be happy with the changeover. There will be no affect to the way the platform operates and BGI is a trusted manager in this area."

AXA's front desk, Customer Service departments and sales force have all been briefed on the changes and written contact has been made with advisers and employers. Intermediaries with any queries should contact their AXA account manager.