AXA Investment Managers (AXA IM) experienced around €8bn worth of outflows in its third party funds as a result of the credit crunch, it announces today.
However, the firm also says it received a 20% income boost in 2007, with revenue climbing to €1,419m. The firm adds underlying earnings rose 31% to reach €276m, while assets under management climbed €63bn in 2007 to reach €548bn. “Our net new money was impacted during the second half of 2007 by the sub-prime crisis,” says AXA IM CEO Dominique Carrel-Billiard. “Money market products were the first concerned by this summer’s crisis, and it is on these funds, particularly third party funds, that we have experienced the strongest redemptions.” However, Carrel-Billiard adds he is general...
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