EUROPE - French AXA Group reported combined net inflows of €73bn bringing total assets under management(AUM) up to over €1trn.
In its 2006 report, the group pointed out that at AllianceBernstein 58% of €38bn of net inflow in assets came from institutional clients, while at AXA Investment Managers the €35bn net inflow came "mainly from third party institutional clients".
AllianceBernstein now has €544bn in AUM, up €54bn from year-end 2005. AXA Investment Managers' AUM increased by €53bn to €485bn.
The group's asset management business could increase revenues by 29% in the last year to over €4.4bn. The result as "driven by higher average assets under Management (+17%), as a result of very strong net inflows and favourable equity market conditions, combined with a favourable business mix evolution for both AllianceBernstein and AXA Investment Managers," the group stated.
"All our business segments are contributing to AXA's growth and I am particularly satisfied to note that this volume expansion is accompanied by continuing improvement of our business mix, notably in life and savings and asset management," Henri de Castries, chairman of the AXA management board, commented on the results.