The group has created independent wealth management units for Western Europe, Eastern Europe and the Middle East. This will come with 500 layoffs among the 23,000 worldwide wealth management employees.
Wealth management divisions of private banks are leading distribution channels for ESG products in Europe, driving the burgeoning responsible investing trend in the continent.
French asset management group Amundi and BOC Wealth Management, a Bank of China subsidiary, have been granted approval by the China Banking and Insurance Regulatory Commission for the establishment of an asset management joint venture.
At Axa IM there are still fears of a merger, even though the insurer has reiterated its refusal to sell its investment management business.
Gérald Harlin, executive chairman of Axa IM, took office on 1 December. He presents his roadmap in preparation for 2020 and discusses the merger rumours that have hovered around the group since 2017.

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