GLOBAL - AXA Investment Managers has reported a fall in assets under management of 12% due to "negative market effects".
It said its revenues had decreased by 6% to €1.3bn and its operating income had fallen by 2% to €271m.
AXA Investment Managers chief executive Dominique Carrel-Billiard said: "The unprecedented crisis we are going through, is affecting the asset management industry as a whole, especially in Europe."
However, he said the firm's "multi-expert model" had helped the firm during the year.
He said: "Thanks to our model, we remain profitable for our shareholder and are in an encouraging position to face 2009, which will be a difficult year for the industry."
AXA IM said it intended to reinforce its growth strategy during 2009 - continuing its development in Asia, in particular through its joint ventures.
Allianz Global Investors has also released its 2008 results - reporting 'robust' operating profits of €904m (US$1.1bn) in the year to December 31.
The asset management firm said it ended the year with €920bn of assets under management and noted that third-party asset flows were positive in local currency terms during the year.
AllianzGI chief executive officer Joachim Faber said: "Our clients faced unprecedented challenges in 2008 yet our profitability and stability has enabled us to navigate the turbulent financial markets comparatively well to the benefit of our clients.
"The severity and duration of this turmoil in financial markets remains highly uncertain. We will continue to work with our clients in 2009 to provide them with the solutions they require."
Chief operating officer Marna Whittington added: "We are committed to stability in our investment management teams and processes and continue to appropriately resource critical functions such as client service, compliance, risk and operations, which contribute to our company's success. We are continually reviewing our approach to the business in the light of market developments and adapting accordingly."
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