H1 2018 results: AXA IM and LBPAM AUM on the rise

AXA Investment Managers, part of AXA Group, has recorded inflows of €13bn (including €7bn in Q1 2018) over the six first months of the year while assets under management reached €759bn at 30 June 2018, up from €746bn last December.

AXA specified inflows were mainly driven by temporary cash inflows linked to the acquisition of XL Group, as well as third-party net inflows (+€4bn).

Total revenues grew by 5% €631m primarily driven by higher management fees from higher average assets under management, higher performance fees as well as increased transaction fees from real estate transactions.

La Banque Postale’s asset management unit posted €224.3bn of assets under management as of 30 June 2018, up 15% year-on-year. This figure includes assets of La Banque Postale Asset Management (LBPAM) and Tocqueville Finance as well as Kames Capital funds distributed.

AUM of LBPAM soared by 15.1% between June 2017 and June 2018 to €222.5bn, driven by the CNP mandates (which increased by 18.4% to €139.8bn at 30 June) while these of Tocqueville Finance, excluding the LBPAM management delegation, rose by 8.6% over the period to €1.8bn.

Net banking income of La Banque Postale’s AM unit increased by 4.9% yoy to €74m while operating income remained stable on an annual basis at €29m.

LBPAM’s digital strategy will be embedded in a new website for professional investors that will go live next 15 December 2018, the firm announced while blockchain and SRI developments are in the pipeline.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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