AXA IM aims to create a new business unit to further develop its offering in private markets
AXA Investment Managers (AXA IM) aims to create AXA IM PRIvate Markets Enabler (“AXA IM Prime”), a business unit which would host the Private Markets Fund of Fund business that the AXA Group Investment teams have built since 2013 together with AXA IM Alts.
AXA IM Prime would gather indirect alternative investment expertise such as Primary and Secondary Private Equity and Infrastructure, General Partnership (GP) minority stakes, Private debt, Fund of Hedge Fund, Fund financing and Co-investments which would complement AXA IM’s current offer. For these activities, assets under management stand at c.€ 20 billion as at end 2021, 12 of which are already managed by AXA IM.
AXA IM Prime would be led by Pascal Christory, currently AXA Group Chief Investment Officer, who would join the AXA IM Management Board reporting to Marco Morelli, Executive Chairman. Four AXA Group investment professionals currently leading Infrastructure, Private Equity and Private Debt Investment would join AXA IM Prime as Heads of the different businesses.
Mirroring the AXA IM Alts and AXA IM Core organizations, a dedicated sales force would be created for AXA IM Prime.
AXA Group entities would be substantial cornerstone investors in all funds launched by AXA IM Prime alongside third-party capital.
“Our ambition is to leverage the excellent joint track record of Pascal’s team as well as the maturity it has gained over the last years and transform this into an asset management business with strong third-party capital raising objectives. This new business unit would benefit from the ESG expertise, scale, operating model and organization of AXA IM to accelerate its growth. It would complement the solid direct alternative investment offer we already provide to our clients through AXA IM Alts, for which we continue to have extensive development goals across our geographies.”, said Marco Morelli.
The creation of this new business unit is being discussed with employee representatives.
Pascal started his career at Credit Agricole CIB developing interest rate options pricing tools and subsequently at Cardif Asset Management, BNP Paribas’s insurance subsidiary.
Pascal joined AXA Investment Managers in 2001 as a Structured Portfolio Manager and became Head of Structured and Index management department 2 years after.
He was promoted in 2008 to Global Head of Solution Engineering, Structuring and Development, including client relationship management and financial solution advisory for all AXA Insurance Companies across the globe.
He then took the lead in 2010 on AXA IM worldwide Asset Allocation teams, Derivatives and Quantitative management teams in Multi Asset Client Solutions Group.
Pascal became AXA France Chief Investment Officer at the end of 2012 where he oversaw AXA France assets of €180 billion and AXA Group Real Estate Center of Expertise aiming at managing transversally the €35 billion Real Estate portfolio of the AXA companies worldwide; he was as well leading the Unit Linked Center of Expertise structuring the financial content of all the Unit Linked products promoted by the AXA entities worldwide.
Pascal has been promoted AXA Group Chief Investment Officer end of 2018overseeing AXA Group assets of €575 billion as of December 2021.. Together with his team, he designs and runs the investment strategy both on the Core listed asset and the ALTS strategies (real estate, infrastructure, private equity and debt). Pascal has led with his teams the AXA Alternative Acceleration ambition which is a strategic objective for the Group to solidify and increase its allocation to alternative assets to 25% of AXA’s Balance sheet, as of now.
In addition, Pascal co-chairs within AXA the “Role in Society Steering Committee” where his mandate is to accelerate AXA’s ability to leverage its business model to respond to pressing societal issues, with a strong focus on climate-related aspects. Pascal’s responsibilities are twofold: (i) to develop and execute an effective and timely decarbonization plan for AXA’s portfolio in line with the Paris Agreement and (ii) to imbed sustainability investment strategy in the group’s DNA.. Pascal is the ambassador of NZAOA vis a vis the group’s stakeholder.
Pascal is a Board member of Ardian and Elsan as well as CAPZA.
He graduated from the Ecole Centrale de Paris (1998) and from Paris-Dauphine University and ENSAE.