AXA Group

On August 29, AXA Investment Managers, Shanghai Pudong Development Bank (SPDB) and Shanghai Dragon Investment Co., have officially launched their joint venture, formally entitled AXA SPDB Investment Managers Co. Ltd, during a ceremony in Shanghai.

"AXA Investment Managers has ambitious growth objectives, and establishing and building our presence in China is a very important part in achieving that target",said Dominique Carrel Billiard, CEO of AXA Investment Managers.

Anthony Fasso, CEO Asia Pacific of AXA IM commented, "This JV marks a significant step for AXA IM in China and we look forward to working with our partners to make the business a great success. With a population of 1.3 billion people and a savings rate of 40 percent, China is clearly a market with great potential".

"We are excited by the opportunity of having both a pre-eminent banking partner in Shanghai Pudong Development Bank, and a high quality strategic investor like Shanghai Dragon for our partners. The strength of SPDB in banking and its rapidly evolving branch network will be of vital importance to the JV".

The asset management industry in China is entering a stage of rapid development, with increased competition for assets and a growing range of investment options available to individuals and institutions.

China's US$200 billion asset management market is predicted to grow by 25% per annum. Dominique Carrel-Billiard further commented, "We are building a business that is positioned to be a market leader, and the high percentage shareholding that AXA IM has in the JV reflects our commitment to providing Chinese clients with the highest level of investment management expertise".

AXA SPDB Investment Managers will be able to leverage AXA Investment Managers' strong and scaleable shared support functions, and best-practices, combining the agility of a specialised firm with the power of a global organisation.