Axa Asia Pacific Holdings will face difficulties attempting to double its illustrative enterprise value by year’s end, due to the unlikelihood that stocks will recover in the final quarter, according to chief executive Andrew Penn.
Nicknamed Asia 6, the firm remains committed to the goal. However, with continued reductions in investment markets and ongoing volatility, accomplishing the task will be more challenging, Penn said in a statement.
The comments came after the group, which has 818 advisers through its Axa Financial Planning and Charter Financial Planning networks, posted lower inflows in its Australian business for the nine months to September.
Total inflows in Australian wealth management, including platforms, advice and investments and investment manager AllianceBernstein, dropped 15 per cent to $9.58 billion, from $11.32 billion a year ago.
Axa Asia Pacific’s funds under management, administration and advice slid 17 per cent to $59.3 billion, from $71.55 billion in the prior comparative period.
However, the group’s financial protection business, which includes individual income protection and group insurance products, has seen a 25 per cent surge in new business to $87.3 million, from $69.8 million a year earlier.
