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AXA IM in E20bn institutional boost

EUROPE – AXA Investment Managers has gained 20 billion euros in assets under management in the first nine months – mostly driven by institutional inflows.

AXA said assets under management at AXA IM increased by 37 billion euros from the end of 2003 to 329 billion euros at the end of September 2004 “largely driven by 20 billion euros of net inflows, mainly from third party institutional clients”.

It also benefited from a 13 billion-euro market rise and two billion euros in favourable currency moves. Revenues at the arm rose by 31% to 561 million euros.

AXA’s Alliance Capital arm saw assets under management rise by 17 billion euros to 393 billion euros – although there was just one billion euros of net inflows. Revenues at the division were up 11% at 1.7 billion euros on a comparable basis.

The firm said: “Asset management revenues increased by 15.1% to 2.26 billion euros in the first nine months of 2004, principally due to higher average AUM (+17%), the result of very strong net inflows at AXA IM (20 billion euros) and market appreciation.”

“We are particularly please with the strong new mandate wins at AXA Investment Managers,” said AXA chief executive Henri de Castries.

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