In a shift towards a more active management style, Axa Framlington will take control at Axa Multimanager's (Axa MM) UK operations.

Axa says that following regulatory approval the UK business will continue to be known as Axa Multimanager, although the intention is to bring it under the Axa Framlington brand by the end of the year.

Axa MM, which was established in 2000, has five funds in the UK, with over GBP650 million in UK assets under management.

Caspar Rock has been appointed as head of investment for the newly formed Axa Framlington unit. Mr Rock, currently fund manager of the Axa Framlington International Portfolios health fund, will manage the UK fund range with Keith Speck, supported by Francois Richeboeuf.

We are ideally placed to blend the proven expertise of Axa MM’s UK operations with the asset allocation skills and performance-driven culture of Axa Framlington, said Robert Kyprianou, CEO at Axa Framlington.

This decision was taken following a thorough strategic review of our MM offering. Axa Framlington is an established retail franchise with strong values and it is perfectly positioned to deliver excellent results to our MM investors, added Paul Griffiths, CEO of Axa’s UK investment management arm.