AXA consummates marriage with Alliance
The marriage between AXA Australia and Alliance Capital will be consummated today (Friday) with the launch of the first wave of new products under the joint venture.
The company is launching 12 wholesale products aimed at master trusts and wrap accounts.
These products will include two of Alliance's flagship funds ( a US large caps fund which has $US80 billion invested, and a global large cap product with $US20 billion under management.
The other new products will include a global technology fund and global healthcare fund, both managed by Alliance.
Alliance vice-chairman Al Harrison says some of the products will be existing AXA funds rebadged.
The AXA products being relaunched include its property fund, Australian equities funds and cash management trust.
Management of the existing funds has been split between the two fund managers with AXA still looking after trusts such as its Australian Income Fund while Alliance will run the equity funds.
"There will be a dozen funds designed for the master trust market and they will also be available through AXA's Summit master trust," he says.
The new products will not be sold directly as Alliance's philosophy is for advisers to handle the selling.
"We believe financial planners are the best people to give advice to clients and sell them the products," Harrison says.
Alliance will be launching a range of purely retail products during the middle of the year. These also will be sold through both internal and independent adviser networks.
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