Assets under management at Axa's investment businesses fell by a quarter last year, to €816bn ($1 trillion) thanks mainly to slumping equities markets and €28bn of client withdrawals. These were particularly severe at AllianceBernstein, Axa's US fund management arm.

The French insurer made €3.9bn from its fund management subsidiaries in 2008, 14% less than in 2007, due to the fall-off in assets managed as well as a fall-off in performance fees, which are charged if clients' investment targets are hit.