AXA tight lipped on Alliance takeover

AXA/high-net-worth/fund-manager/cent/

12 October 2000
| By John Wilkinson |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND