Axa’s Deputy CEO Sees Inflows at Investment Managers Fund Unit
Axa SA (CS), Europe’s second-largest insurer, is seeing improving money inflows at its Axa Investment Managers fund division, Deputy Chief Executive Officer Denis Duverne said.
“We should be positive in the first half,” Duverne said today at a media seminar near Bordeaux, France of the unit’s money flows. AllianceBernstein Holding LP (AB), another Axa fund- management division, may not see positive net inflows until the fourth quarter as it trims the portion of business linked to equities, he said.
Axa Investment Managers, based in Paris, had 2.7 billion euros ($3.5 billion) of net outflows in the first quarter, hurt by a voluntary exit from unprofitable employee-shareholding plans and continued outflows at its U.S.-based business Axa Rosenberg, Axa said on May 11. AllianceBernstein, based in New York, also had 2.7 billion euros of outflows in the first three months of 2012, the insurer said May 11.
Separately, Axa plans to re-apply for a license to start insurance operations in Taiwan, Duverne said. Taiwan’s regulator rejected Axa’s application this week.
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at email@example.com