AXA Investment Managers took in €12bn (£10.2bn) in net flows last year, well up on the €3bn taken in 2012, thanks to Framlington and its fixed income teams.
The jump in flows helped prompt a 7% rise in revenue for the business, net of distribution fees, to €1.03bn. Total assets under management, meanwhile, rose €14.5bn to €547bn. AXA IM said the bulk of the inflows - €6bn - came from its fixed income business, with high yield credit, IG credit and short duration strategies all popular. "While we did not see the much talked of ‘great rotation' out of fixed income into equities in 2013, we did see changes within fixed income with clients reducing portfolio duration, adding inflation protection, and yield pick-up," the group said in a statem...
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