AXA Selects BGI For Index Tracking Funds

Christopher Owen

4 December 2007

AXA Wealth Management has appointed Barclays Global Investors to manage its index tracking funds. The move follows the decision by Hermes to pull out of the management of passive index tracking funds. The change has affected some 9,000 plans, with each plan transferring from Hermes to the equivalent BGI funds on 21 November 2007. As a result, the Hermes UK Index Tracker becomes BGI UK Equity Index Tracker; the Hermes Europe (ex-UK) Index Tracker becomes BGI European Equity Index Tracker; the Hermes North America Index Tracker becomes BGI US Equity Index Tracker; the Hermes Global (ex. UK) Equity Index Tracker becomes BGI World (ex. UK) Equity Fund Index Tracker; the Hermes Global Equity (50:50) Index Tracker becomes BGI (50:50) Global Equity Index Tracker; the Hermes UK Long Gilt Index Tracker becomes BGI Over 15 Years Gilt Index Tracker and the Hermes Index Linked Gilt Index Tracker becomes BGI Over 5 Year Index Linked Gilt Index Tracker. Vince Rennie, AXA Wealth Management's chief investment officer, said: "There will be no affect to the way the platform operates and BGI is a trusted manager in this area."