AXA wealth inflows decline
The uncertainty generated by National Australia Bank’s bid for AXA Asia Pacific appears to have had a negative impact on AXA’s wealth management and platform inflows over the past nine months.
The company this week reported to the Australian Securities Exchange (ASX) that while total wealth management inflows were up 5 per cent to $6.1 billion for the nine-month period, AXA retail inflows were down 15 per cent to $4.9 billion.
The period covered by the report was affected by NAB’s bid to acquire AXA Asia Pacific — including its proposal to fulfil the requirements of the Australian Competition and Consumer Commission (ACCC) by divesting AXA’s North Platform.
The report to the ASX noted that platform gross inflows were down 8 per cent to $1.60 billion and net flows were down 39 per cent reflecting lower sales of North, partially offset by growth in inflows into Summit.
Commenting on the result, AXA Asia Pacific chief executive Andrew Penn said the company’s funds flow and new business results had reflected the different dynamics of the markets in which it was operating.
He said that in Australia and New Zealand inflows across the industry in wealth management had remained subdued.
With NAB having aborted its bid for AXA Asia Pacific following a final rebuff from the ACCC, the way has been left clear for AMP Limited to resume its bid for the company. However AMP has yet to move on the issue.
AUTHOR
Mike Taylor
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