France’s AXA Investment Managers and Korea’s Kyobo Life have extended their 15-year strategic partnership by forming a 45 trillion won (US$33.1 billion) joint venture firm managing both third-party and some of the Korean insurer’s assets.
The joint venture, Kyobo AXA Investment Managers, offers investment solutions across equity, index investment, fixed income, global strategies, liability-driven investments and alternative investments.
It leverages on AXA Investment’s expertise in global investments and Kyobo Life’s local distribution network, the French asset manager says in a statement on October 2.
While the joint venture firm’s assets are primarily sourced from third-party Korean institutions and retail clients, it also manages part of Kyobo Life’s assets.
According to the statement, the new firm ranks among the top ten players in the Korean asset management industry.
AXA Investment Managers has had a strategic partnership with Kyobo Life since 2008.
“We’re excited to continue this trusted partnership with Kyobo Life and sincerely believe that this continued relationship will fuel our development strategy in Asia Pacific, a key region for us,” Jean-Christophe Menioux, global chief financial officer and general secretary of AXA Investment, says in the statement.
Paris-based AXA Investment Managers had around 840 billion euros ($879.71 billion) of assets under management as of June 2023.
