FRANCE – AXA Group has reported a 7.2% decline in revenues in 2002 for its asset management businesses, AXA Investment Managers and Alliance Capital.

AXA IM saw revenues decline 1% “due primarily to a reduction in fees collected on behalf of distributors linked to lower retail sales”. Total assets under management declined by nine billion euros to 268 billion euros. New net money inflows of 12 billion euros for 2002 were reported, offset by market depreciation of 13 billion euros, and exchange movements of –8 billion euros.

Revenues for AXA’s largest asset management business, Alliance Capital, saw revenues decline 8%, hit “by lower distribution revenues and advisory fees in line with lower average assets under management”. Total assets under management declined by 144 billion euros to 369 billion euros. New net money was negative with outflows in retail failing to be offset by inflows from the private client and institutional channels.

The other parts of the AXA Group business: life and savings; property and casualty; and international insurance all reported increases in revenue, resulting in a rise in consolidated revenues of 4.6% to 74.7 billion euros for 2002.

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