Gross revenues for Alliance Capital, the US-based investment management firm, declined 4% to €3.2bn ($2.8bn) in 2001, while assets under management remained constant at €517m.

The firm's majority owner, French financial services company Axa, said that revenues slid because of lower advisory fees, caused by lower assets under management, down 3% from the year before. It also said that a market-related shift from higher fee equity mutual funds to lower fee fixed income and cash management funds had affected revenues.