Investment - Articles - AXA IM on transfer of Friends Life assets to Aviva Investors

 “We are incredibly proud of our relationship with Friends Life and believe we have served their customers well over the past 5 years.

  

 “Following the purchase of Friends Life by Aviva(1), we expect €34 billion of the €50 billion we manage on behalf of Friends Life will transition to Aviva Investors by the end of 2015(2). From the outset, Aviva made it clear that the acquisition offers the opportunity to increase Aviva Investors’ AUM by recapturing previously outsourced asset management contracts.

  

 “We anticipate that this withdrawal will have a limited negative impact on AXA IM’s underlying earnings for 2016. AXA IM will be compensated by a one-off withdrawal fee(3), which will be accounted for in our net income. This move has been anticipated for some time now and has been factored into our strategic planning(4). We are convinced that the diversity of our business across asset classes, clients and geographical locations will enable us to achieve our growth ambitions.

  

 “Our strong investment performance(5) and focus on delivering the highest level of service means that we continue to grow as a business with more and more clients around the world entrusting us with their assets. As at end June 2015, AXA IM had €26.7 billion of net new money inflows and a total AUM of €694 billion.”