Axa Investment Managers, the asset management arm of the French insurance giant, posted a more than three-fold increase in new money entering its business last year, an uptick which helped boost assets under management to a new record.

Full-year earnings for Axa IM show it garnered net inflows of €40.4bn in 2020, up from €12.8bn the previous year. Assets under management at the end of 2020 stood at €858bn, up 7% at the end of 2019.