FRANCE – AXA Group’s assets under management have increased over the last nine months, but revenues for its asset management subsidiaries are still down.

Both Alliance Capital and AXA Investment Managers have shown an increase in assets under management from year-end 2002, thanks to net inflows and a recovery of the equity markets.

Total assets under management (AUM) were up 2.7% to 653 billion euros at the end of September 2003. Asset management fees, commissions and other revenues declined 5.9% over the first nine months to 2.1 billion euros. Revenues over the third quarter, however, were up 10.2%.

Of the total AUM, Alliance Capital has 376 billion euros – a seven billion euro increase since the start of the year. This increase was driven by positive net inflows of six billion euros, and market appreciation of 40 billion euros, partially offset by an adverse currency impact of 39 billion euros.

Revenues for Alliance Capital have declined by six percent over the first nine months, “due to lower advisory fees and distribution revenues. Institutional research services fees were down by 12% due to a decline in transactional volume.”

AXA Investment Managers has seen a 10 billion-euro increase in AUM since the beginning of 2002, to 278 billion euros. This comprises net inflows of five billion euros (mostly institutional), market appreciation of 11billion euros, partially offset by adverse currency movements of six billion euros.

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