AllianceBernstein and Axa Investment Managers, which comprise the asset management business of French insurer Axa Group, increased revenues despite falling performance fees and negative foreign exchange movements last year.
AllianceBernstein revenues increased by 15% to â¬3.1bn ($4.6bn) last year compared to 2006, according to Axa's full-year activity report. Net asset inflows of â¬24bn led to higher base fees which rose by 25%, and market movements increased its assets by a further â¬37.5bn.
