Axa Investment Managers is in expansionary mood, its chief executive said yesterday, following a good year for returns in 2010 that was marred by the fallout from a costly systems error at subsidiary Axa Rosenberg.

Axa, one of the largest European fund managers with €516bn under management, is putting the finishing touches to a shakeup of its marketing teams, adding extra expertise in consultant relations in the UK and in Asia, according to Dominique Carrel-Billiard.