Realignment is under way for AXA Asset Management, Paris, and National Mutual Funds Management, Melbourne, Australia, following their megamerger last year.
AXA, which has $216 billion under management, owns The Equitable Cos. Inc., parent of Alliance Capital Management, New York, with $147 billion under management. NMFM has $17 billion under management.
Following the merger with NMFM, AXA created a three-pillared global money management strategy that plays on the strengths of the three units in Europe, North America and Asia.
Starting late last year, NMFM Europe, with offices in Bournemouth and Dorset, England, which had $183 million under management, was folded into AXA Equity and Law Investment Management, London. NMFM holds a minority share in AXA Equity and Law.
This month, the $1.5 billion assets managed by NMFM-North America in Los Angeles - largely sourced from Australia, Japan and Hong Kong as well as the United States - are being transferred to Alliance Capital's San Francisco office. And this summer, the NMFM Los Angeles office will move to New York to focus on marketing all of NMFM's worldwide products to North American institutions.
The office will be headed by Robert Preston, NMFM North America's current head of marketing and sales.
Looking ahead, NMFM Asia, Hong Kong, with $1.1 billion, will be taking on the assets of the AXA group's Asia operations in Singapore.
In so doing, NMFM becomes the Asian arm of AXA's new global consortium.