The continued outflow of funds from investment manager AllianceBernstein has weighed heavily on the results of Axa's Australian operations.
Axa experienced total net outflows of $6.7 billion over the three months to 31 March 2009, compared to positive net flows of $942.1 million last year.
The negative impact of AllianceBernstein on this result was a net outflow of $6.8 billion, compared to a positive net flow of $150.5 million in the same period last year.
"Net flows were down due to continued client rebalancing away from equities, particularly international equities, and the termination of a number of large client mandates," the company said in a statement.
Axa Asia Pacific, of which the Australian operations are a part, holds a stake of about 50 per cent in AllianceBernstein Australia.
At group level, Axa SA owns 65 per cent of AllianceBernstein through Axa Financial.
The company did not want to say whether it would review its partnership with AllianceBernstein.
Excluding AllianceBernstein and positive internal flows of $317.2 million, Axa's wealth management net flows dipped $230.1 million into the red and compared to positive net flows of $845.5 million in the first quarter of 2008.
Total funds under management, administration and advice in Australia were down 14 per cent to $52.9 billion. AllianceBernstein represented 10 per cent of the decline in funds.
