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Axa Wealth Q1 sales up 12% to £950m

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Axa Wealth increased sales 12 per cent in Q1, from £852m to £950m, compared to the same period in 2010.

It grew its total assets under administration from £18bn to £18.6bn, which includes its wrap Elevate, Architas multi-manager arm and onshore and offshore bonds.

Assets under administration on the Elevate platform grew to £2.5bn and pension and onshore bond assets increased from £4.6bn to £4.7bn. Elevate total sales were up 140 per cent from £156m to £374m in Q1. Platform business represents 40 per cent of all sales.

Axa Wealth chief executive Mike Kellard says: “Axa Wealth has had a strong start to 2011, with significant growth in on-platform sales. This is partly a reflection of the shift by IFAs towards wrap.”

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