Axa Asia Pacific (Axa AP) will close AllianceBernstein's Australian equity growth and industrial strategies, following a decline in market demand.
AllianceBernstein was the investment manager for a number of Axa AP funds and as a result of the decision, Axa will terminate the Axa Industrials Fund, the Axa Australian Equity Growth Fund, the Axa Wholesale Australian Equity - Industrials Fund, the Axa Wholesale Australian Equity - Growth Fund and the Axa Emerging Markets Fund by 30 March.
According to data from Morningstar, the Axa funds had about $55 million in funds under management.
Axa said that capital will be returned to investors from Friday 20 April 2012.
"While AllianceBernstein has resigned as investment manager for the funds, our relationship remains important to us," the company said in a letter to its financial advisers.
"As such, our three flagship equity funds remain open and will continue to be managed by AllianceBernstein going forward."
The equity funds in question include the Wholesale Global Equity Value Fund, the Wholesale Global Equity Growth Fund and the Wholesale Australian Equity Value Fund.
AllianceBernstein lost the former manager of the Australian equities growth and industrials strategies in May 2010, when portfolio manager Johan Carlsberg departed the firm to set up boutique firm Alphinity Investment Management for Challenger in July that year, taking three analysts with him.
