Richard Marwood Leaves AXA Distribution for Royal London

Richard Marwood, manager of the AXA Distribution fund is leaving the firm after 20 years for Royal London Asset Management. Analysts recently downgraded AXA Distribution

Emma Wall 22 February, 2016 | 3:02PM
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Emma Wall: Hello and welcome to Morningstar. I'm Emma Wall and I'm joined today by Jeremy Beckwith, Head of Manager Research for Morningstar.

Jeremy Beckwith: Good afternoon Emma.

Wall: Hello. So we've had some news, Richard Marwood is leaving AXA where’s he going?

Beckwith: He's going to Royal London Asset Management to join their U.K. equity income franchise team.

Wall: And he ran the AXA Distribution Fund. It's a fund that we recently downgraded under his managership, what caused that?

Beckwith: Well, we looked back over time at what the fund had done in terms of its investments and it's performance. And really felt that it was becoming almost closet tracker in the sector. They are very, very, passive with their use of fixed income for example. And the equity portfolio had not really delivered over quite a long period of time and the results were distinctly lackluster. So we felt it was more appropriate to rate it as neutral.

Wall: So it holds that neutral rating, will that be changing with the news that Richard is leaving.

Beckwith: No that won't change it will stay at neutral. And we will in due course meet with the new management team and begin to monitor them and see how they go.

Wall: Thank you very much Jeremy.

Beckwith: Thank you.

Wall: This is Emma Wall for Morningstar. Thank you for watching. 

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
AXA Distribution R Inc109.90 GBP-0.27Rating

About Author

Emma Wall  is former Senior International Editor for Morningstar

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