Friends Life has announced plans to transfer the management of some of its assets from Axa Investment Managers to Aviva Investors.
Axa IM said it expects €34bn (£23.7bn) of the €50bn it manages on behalf of Friends Life to be transferred by the end of 2015.
In a statement Axa IM said: “We anticipate that this withdrawal will have a limited negative impact on Axa IM’s underlying earnings for 2016.”
Axa IM added it had been anticipating the move “for some time now” and it had been factored into its strategic plan.
The group will be compensated for the transfer by a one-off withdrawal fee.
A spokesperson from Aviva, said: “Friends Life employs AXA Investment Managers, amongst others, to manage a number of funds on behalf of our customers. From time to time, as part of our monitoring of external managers, we review the funds, taking into account the interests of our customers.
“This review included funds managed by AXA-IM and we have decided at this stage to move some funds currently managed by AXA-IM to Aviva Investors later this year.”
Friends Life Investments have already transferred approximately £20bn of Friends Life assets to Aviva Investors.
