AXA's plans for growtrs
AXA's new strategy to become one of the biggest fund managers in the country will take some work, however chief executive Ross McEwan reckons it can be done.th
Wednesday, June 7th 2000, 12:00AM
He acknowledges that AXA's track record in this area isn't great at present and that funds flow has been static for many quarters.
IPAC Securities figures show that AXA's total funds under management hover around the $1 billion mark, which puts it in the top 10 managers by size, however it is at the bottom of the table when it comes to funds flow.
IPAC says AXA suffered outflows of $14.6 million in the March quarter and a similar amount in the previous quarter. In the 12 months ended March 31 total outflows were $60.9 million.
McEwan recognises the company has a lot of work to do especially in the retail area.
He says changes it has made in the wholesale market, such as the recent launch of the business superannuation master trust, have been positive.
AXA is planning to roll out a retail version of the trust in the next couple of months.
Also, on the product side the company has devoted significant resources to building a better funds management team and outsourcing international equities management to Alliance in New York.
McEwan says one of the problems AXA has had is the lack of people on the ground dealing with the financial planners and "the people that influence what products go onto retail lists."
Currently AXA is looking to build up its team of business development managers and to have better dialogue with the research houses.
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