Friends Life hands £24bn AXA IM mandate to Aviva Investors

Friends Life is planning to transfer £24bn worth of segregated mandates from AXA Investment Managers to Aviva Investors, following its takeover by the latter's parent company at the end of last year.

At the time of the acquisition, Friends Life identified an opportunity to transfer around £70bn of its assets to Aviva Investors and has already handed over £20bn managed by Friends Life Investments. Following the completion of the deal in April, Friends Life is looking to switch the segregated mandates to Aviva Investors by the end of 2015, but a further £11bn will remain under the management of AXA IM, the group confirmed. Aviva: Friends deal will add £600m to the business in two years A Friends Life spokesman said: "Friends Life employs AXA Investment Managers, amongst others...