AXA Investment Managers steps up its presence in Asia

AXA Investment Managers (AXA IM) has signed a memorandum of understanding with Shanghaï Pudong Development Bank (SPDB) and Shanghai Dragon Investment (SDI) to set up an asset management company in China, based on a joint venture. This agreement has now been submitted for approval by the Chinese supervisory authorities.

"Stepping up our presence in Asia is at the very heart of our future growth strategy, and China, with its excellent long term economic growth prospects, will play an important role in helping AXA IM realize its ambitions in the region. Both SPDB, one of the leading commercial banks in China, and Shanghai Dragon, a Shanghai Municipal Government wholly-owned integrated investment company, have an excellent reputation and understanding of the Chinese market. AXA IM is looking forward to working in partnership with both of these companies and laying the foundations for establishing a fund management company in China in the near future" explained Stéphane Prunet, Head of the Asia Region and Japan at AXA Investment Managers and CEO of AXA Rosenberg.

AXA IM, a multi-expert asset management company, is one of the largest European-based asset managers. Present in 18 countries, the company had 448 billion euros under management at the end of March 2006, and employs some 2,400 people.