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In a move calculated to streamline its operations in Australia and new Zealand, France’s AXA announced that it was combining the asset fund management operations of AXA Asia Pacific, in which it holds a 51 percent stake, with the Australian interests of its U.S. subsidiary Alliance Capital Management (ACM).

AXA Asia Pacific, formerly National Mutual, is Australia’s second largest life insurer, and the combination with ACM will give the group approximately U.S. $12.2 billion of funds under management.

As part of its worldwide rebranding initiative, AXA will promote the distribution of its life products under that name, while ACM will manage daily operations of the new companies to be named ACM Australia and ACM New Zealand.