Oct. 10 (Bloomberg) -- Axa Investment Managers, a unit of Europe’s second-largest insurer, had about 1 billion euros ($1.29 billion) in net inflows this year in the Asia-Pacific region, excluding Japan, said Jean-Pierre Leoni, who oversees the business in the area.
The inflows were driven by Taiwan and Korea, Leoni told journalists at a meeting in Paris today. Still, Europe’s sovereign-debt crisis is pushing Asian clients to seek “the lowest price” for investments in European assets, leaving Axa Investment Managers below its goal of 2 billion euros of net inflows in the region this year, the executive said.
Axa Investment Managers, Axa SA’s Paris-based asset-management unit, has about 20 billion euros under management and 260 staff at seven locations in Asia-Pacific markets excluding Japan, according to a presentation handed to journalists.
The unit said in a May 16 statement that it opened a representative office in Beijing “to perform market research and build on relationships with Chinese institutional investors.”
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at firstname.lastname@example.org