The fund subsidiary of insurance group Axa is considering cutting dozens of jobs across Europe. The fate of Axa Investment Managers' Swiss team is uncertain.
The challenging environment for asset management is forcing Axa Investment Managers (Axa IM) to act. According to a statement by the fund subsidiary of the French insurance group, up to 90 out of a total of 2,600 jobs are affected by possible adjustments.
This will affect the traditional core business with equity and bond funds, as well as back office jobs. «The affected jobs would mainly be in France and the United Kingdom,» a company spokeswoman responded upon request. The statement notes that in addition to France, talks with social partners are ongoing in Germany.
Talks with German Social Partners
This also points to cuts in personnel there, with Axa IM justifying the procedure by saying the fund company must adapt to changing customer behavior and financial market complexities.
As recently as June, Axa IM reorganized the management of the core client group business for Switzerland. André Thali and Pietro Martorella were appointed co-heads, with the Zurich-based Thali responsible for German-speaking Europe (DACH). An inquiry to him about the future of the Swiss core team remains unanswered, with a spokeswoman saying «I unfortunately can't say anything about that.» An all-clear sounds different.
Difficult Business
Axa IM has several sales teams in Switzerland. In addition to the core division, employees handle the sale of funds for alternative investments and real estate. These teams are reportedly not affected by the measures in the company.
After a difficult year last year, the asset managers' business only started to recover this summer. finews.ch has knowledge this has led to layoffs or job freezes at numerous fund houses in Switzerland.
