The decision comes following a review of its fund range, after which the firm identified those funds where the value of investment has fallen to a level where the funds are no longer economic to run.
The funds will be closed between 23 November and 7 December and affected advisers will have received a letter informing them as such. Clients that are invested in one of the affected funds through an Axa Wealth product will be offered a default fund, that in AXA’s view is an adequate replacement. Many of which are Axa funds.
But, according to a spokesperson, clients are free to move their money into a fund of their choosing on the list of as many as 267 available funds.
No switching costs will be incurred, the firm said.
