Axa Investment Management has lost a further €10.7 billion in assets managed on behalf of Friends Life to Aviva Investors, bringing the overall figure that has switched over from the French manager to its UK rival over the past 12 months to €43.7 billion.

The latest transfer of segregated mandates, encompassing equities, fixed income, real assets and multi-asset strategies, took place on September 30, 2016, adding to the €33 billion that moved across from Axa IM to Aviva Investors in November 2015.