Financial services provider AXA Asia Pacific (ASX:AXA) said the total value of the funds it was managing declined 2% to $81.9 billion over the first nine months of the year.
Total funds under management in Australia fell 3% to $59.91 billion, indicating that investor confidence has not yet recovered, CEO Andrew Penn said today.
“Industry sales in most of the markets we operate remain well below 2008,” he said.
On the bright side, the company’s new business index in South East Asia increased 35%, with particularly strong growth in Singapore, Thailand and Indonesia.
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