Axa Investment Managers may have broken into the ranks of the world's top 20 fund managers, but a dip in its fee revenue offers a clue as to why chief executive Andrea Rossi is so keen on expanding its horizons.

The firm enjoyed record net sales of €56.4 billion in 2016, according to its latest results statement on March 1, taking its total assets to €717 billion. By its own calculations that places it 20th globally by assets. But the firm's profits declined 4% to €225 million.