AXA tight lipped on Alliance takeover
AXA Australia is expected to complete the take-over of Alliance Capital Management in Australia this week.
Speculation in the marketplace is that AXA is looking to merge the operations of both groups under the one banner. However, AXA declined to comment on the move.
"Commenting on market speculation is generally unhelpful as we prefer not to confuse the market," a spokesperson said.
The global insurer already owns 64 per cent of the US parent, having increased its stake from 57 per cent in June this year.
Alliance in Australia has about $3 billion in wholesale funds while the US parent has $US388 billion under management. AXA globally now has $US800 billion under management and is the fourth-largest fund manager in the world. In
Australia AXA has about $25 billion under management.
Alliance has recently completed the takeover of US fund manager Sanford C. Bernstein in the US, paying $US3.5 billion. Bernstein is a value manager with a high net worth individual advisory operation and a strong research business.
An announcement of the takeover of Alliance's Australian business is expected this week.
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