AXA 2009 funds under mgmt, admin and advice down 3%
AXA Asia Pacific Holdings Limited (AXA) released new business and fund flows for the year ended December 2009. At $81 billion, total funds under management, administration and advise grew by 7% in the second half, but were down 3% over the year.
Total funds under management, administration and advice in Australia were down 4% to $59.03bn.
AXA said total Australia wealth management gross inflows were down 32% to $8.19 billion and AXA wealth management gross inflows were down 22% to $7.61 billion.
Total wealth management net flows, including AllianceBernstein were down $8.76bn to negative $10.04bn, while AXA wealth management net flows were down 67% to $365.5 million.
The group said that 2009 was clearly a difficult year for wealth management although second half performance showed improvement over the first half.
For New Zealand total funds under management, administration and advice in New Zealand were up 2% to NZ$6.42bn.
In Hong Kong total funds under management, administration and advice in Hong Kong were up 20% to HK$80.49bn. Meanwhile, total funds under management and advice in its ipac Asia division were up 1% to $898.8 million.
AXA, which is currently the subject of takeover interest from NAB and AMP, will report its full year results on 17 February.
Last week, NAB said it had completed due diligence on AXA as it awaits the expiry of AMP’s exclusivity period with AXA on 6 February.
The group has already said it expects profit after tax and non-recurring items to be around $675 million for the year, from a loss of $278.7 million in 2008.
At the open AXA Asia Pacific Holdings shares were up 1c to $6.56.
Leave a Reply