AXA Investment Managers is reorganising its €188bn alternative investments arm into five dedicated business lines, covering real estate, infrastructure, natural capital and impact investment, alternative credit and hedge funds. AXA IM Alts, which was launched in 2020 to bring together €138bn in real assets, structured credit and hedge funds, is being devolved to “prepare for its next stage of growth” and to “provide a clearer and simpler structure for existing and potential clients”. The move has led to some promotions within AXA IM Alts’s leadership, including Timothée Rauly and John O’Driscoll, who have been promoted to global co-heads of real estate.