AXA IM grew its assets under management to €879bn (£726.5bn) in 2024, up €35bn year on year.
Net flows also remained in the green, despite €2bn in outflows from AXA insurance companies mainly from real estate. The loss was balanced by €3.6bn in inflows from third-party clients mainly across fixed income, multi-asset, unit-linked and alternative credit businesses, as well as acquisitions in alternatives. The firm also brought in €900m from ventures in Asia.
Marco Morelli, executive chair of AXA IM, said: “In 2024, AXA IM made significant strides on its illiquid asset platform with strong wins in alternative credit for AXA IM Alts and the completion of the acquisition of CAPZA, a leading European private investment platform, marking an expansion into mid-market direct lending and strengthening our position in private debt.
“Meanwhile, AXA IM Prime reinforced its role as a key global capital solutions provider with the acquisition of W Capital Partners, a US-based private equity firm specialised in GP-led and direct secondary investment.”
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Morelli added: “Within the liquid assets platform, leveraging on its 25-year expertise, AXA IM Core capitalised on market trends, delivering substantial inflows into fixed income and multi-asset while expanding its ETF business, particularly in active strategies designed to meet evolving investor demand. For AXA IM Select, we saw diversification of the retail client base and confirmed international development with significant contributions from our Unit-Linked business in France, Japan and Italy.”
AXA IM boosted net revenues by 5% throughout the year, and grew underlying earnings by 12% through lower operating expenses.
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Within its Alts business, it raised €10bn in gross capital despite a “fundraising slowdown across the industry” according to AXA. The private wealth section remains an area of growth for the business, currently representing 15% of recurring third party revenues.