AXA closes five funds
AXA has announced the closure of five funds at the end of March, four of which are a result of AllianceBernstein's resignation as manager.
AXA Australian Equity Growth Fund, Industrials Fund, Wholesale Australian Equity - Industrials Fund and AXA Wholesale Australian Equity - Growth Fund will be closed as funds' investment manager AllianceBernstein has resigned from its position due to the closure of its Australian equity industrials investment service.
In addition, AXA has decided to close the AXA Emerging Markets Fund, effective Friday 30 March, due to a lack of market demand and the fund's small size.
Investors will have their capital returned from Friday 20 April 2012, the company stated.
AXA's three flagship funds - Wholesale Global Equity Value Fund, the Wholesale Global Equity Growth Fund and the Wholesale Australian Equity Value Fund - remain open and will continue to be managed by AllianceBernstein.
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