Axa Investment Managers has announced that its fund of hedge funds, Axa Alternative Premium, celebrated its third anniversary at the end of September 2008.

Axa Alternative Premium is the flagship fund of hedge funds within the Axa IM platform of fund of hedge funds and was launched at the end of September 2005.

The fund targets an absolute return by investing in a limited number of experienced hedge fund managers, diversified across strategies.

Since the start of the credit crisis in July 2007, Axa Alternative Premium's performance as at 30 September 2008 was -3.26% which compares favourably with the Hedge Fund Global Index that returned -12.72%.

Chris Manser, global head of fund of hedge funds at Axa IM, says: 'Axa Alternative Premium has achieved its three year track record and is in a favourable position relative to the industry. We are confident that our investment philosophy and investment process, the experience of a strong team, combined with the strength and commitment of the Axa Group will give our fund of hedge funds business the unique positioning needed to ride out the crisis and thrive during the ensuing recovery.'

Axa Investment Managers is an asset management company within the Axa Group.

It has EUR500bn in assets under management as of the end of October 2008.