Axa eyes wealth management in Hong Kong

The insurance giant is targeting wealth management as a priority for 2005; will it get into the mutual funds business?

Axa China Region Insurance, the Hong Kong arm of global insurance giant Axa, will focus on growing a budding wealth management operation in Hong Kong in 2005, says Mark Wilson, CEO.

Globally the firm is big in life insurance, non-life and fund management. In Hong Kong and Asia, it has traditionally emphasized just the life insurance business, based on a large agency sales force. But that has changed over the past few years, as the firm has brought in expertise on wealth management, employee benefits and pensions, Wilson says.

This has resulted in broadening the distribution channel from relying 90% on agents to 60%, and building...

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