parent company, AXA Group reported
second half 2004 underlying earnings up 32 percent from the same period last year.
The parent company's results were buoyed by AXA Investment Managers, the London-based money manager unit of the AXA Group. AXA Rosenberg, which is partially-owned by AXA IM, subadvises the Charles Schwab Laudus group of funds.
Alliance Capital and AXA Investment Managers comprise the company's asset management operations, with Alliance serving U.S. investors.
Bruce Calvert heads Alliance, while Nicolas Moreau heads AXA Investment Managers.
Alliance Capital's underlying earnings grew 25 percent from the same period last year. AXA officials attributed the earnings growth to larger assets under management and increased institutional research activity.
Average assets under management for Alliance increased by 20 percent from the same period last year.
Consolidated revenues for Alliance were 1.15 billion Euros for the second half of 2004, equivalent to approximately $1.4 billion. Revenues were up 4.8 percent for Alliance compared to the same period last year.
AXA Rosenberg completed the sale of its only U.S. investor-targeted funds, called Laudus Funds, to Charles Schwab Corp.
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