AXA Investment Managers is planning job cuts within its core investments business following a decline in the unit's asset base and revenues as a result of interest rate hikes, a spokeswoman confirmed.
Most recent available figures show that the core investments unit's assets declined 18.9% to €482 billion ($611.8 billion) over the year ended Dec. 31. Revenues were down 12% over that time period.
The proposed changes — aimed at a simpler structure — would see up to 90 positions across AXA's operations and AXA IM Core potentially impacted from over 2,600 employees overall.
However, the cuts will still need to be approved by unions in France and Germany before they are effective.
A spokeswoman declined to provide further details of the types of roles affected.
AXA IM's core business, which includes fixed income, equity, multiasset, some alternatives and ETF offerings, would be restructured into four functions: investment, product and client strategy, core client group, and transversal services.
The firm vows to incorporate data and technology further in portfolio management and improve decision-making agility following the cuts and to adapt to market complexities and meeting client needs, the statement provided by the spokeswoman on Monday said.
AXA will also change its operations to increase quality, improve control over the full value chain and management of expenditures overall.
"However, we will continue to hire talent, as well as maintaining our strategic investments carrying long-term growth and opportunities where critical skills are most required. We are committed to ensuring that this new organization won't impact our clients and should increase our ability to service them better and in a more efficient manner," the statement said.
