Axa Investment Managers is to buy UK retail manager Framlington for £174m (€252m) above net asset value. This is expected to total £20m on completion of the deal taking the total purchase price to £194m.

The price is likely to work out at about 4.3% of assets under management, which stood at £4.5bn at June 30 this year.

Axa captures Framlington for just under £200m

Hugh Wheelan in Paris

Brendan Maton

HSBC

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https://images.fnlondon.com/im-43406752?size=1.5

Coutts hires ex-JPMorgan banker James Todd as next private client boss

https://images.fnlondon.com/im-95923804?size=1.42

Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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https://images.fnlondon.com/im-14432569?size=1.5

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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