• Growth in assets under management to 516 billion euros (+3.4 %)
• Growth in revenues1 at €1,087 million (+2.8%)
• Negative net new money at -€20.2 billion; +€9.2 billion excluding AXA Rosenberg
• Profitability remains solid despite a drop of 27% in the operating profit to €125 million due to the impact of the extra-ordinary event at AXA Rosenberg

"In an environment of continued volatility, 2010 has seen AXA Investment Managers rebound and sustain its rank as the 14th largest asset manager worldwide in terms of assets under management. Investment performance has improved across all our expertises and our efforts to re-align and strengthen our distribution functions have been fruitful: net new money has been positive across most of our areas of expertise.
These excellent results are mitigated by the impact of the coding error situation that occurred at AXA Rosenberg, without which AXA IM would have presented a balance sheet comparable to its pre-crisis one.
In 2011, we will continue to focus on the quality of the value proposition we offer our clients while continuing to strengthen our multi-expert model, particularly with the total integration of AXA Rosenberg”, said Dominique Carrel-Billiard, CEO of the AXA IM Group.

Statistical indicators

In 2010, AXA IM's assets under management increased to €516 billion, increasing by 3.4%. The rise has come from market price impact and favourable exchange rates. Revenues were up slightly by 2.8% to €1,087 million, mainly due to higher performance fees. Net new money was a negative €20.2 billion, as against a negative €18 billion in 2009. Excluding AXA Rosenberg, which has recorded negative net new money of €29.4 billion, AXA IM’s net new money is positive at € 9.2 billion, which indicates the attractiveness of the AXA IM group’s offer. Operating profit fell 27% to €125 million due to the impact of a net provision of €66 million stemming from AXA Rosenberg’s coding error. Excluding this extra-ordinary provision, the operating profit would have been €191 million, representing an increase of 11% from 2009.