Axa Wealth adds £1.3bn to Elevate
Axa Wealth added £1.3bn in assets invested through its Elevate platform last year, taking total platform assets under administration to £3.5bn.
Platform assets under administration include self-invested assets through the retirement wealth account.
Total assets under management at Axa Wealth grew 5.6 per cent over 2011 from £17.9bn to £18.9bn. Assets at Axa’s investment company Architas grew 23 per cent from £7.7bn to £9.4bn.
In October Elevate announced it would waive its platform charge for clients who invested in Architas funds before the end of 2011. The charge will be waived for the life of the investment provided it is held until the end of 2012.
Axa’s bancassurance business grew sales by 22 per cent from £313m to £382m. It secured a seven year distribution deal with Co-operative Financial Services last July after the Co-op axed its 670-strong field-based sales force and began talks to sell its life arm to Royal London.
Individual off-platform pension products sales rose slightly from £4.6bn to £4.7bn.
Sales of offshore bonds are down 22 per cent from £1.2bn in 2010 to just under £1bn in 2011.
Axa Wealth chief executive Mike Kellard (pictured) says: “These results are particularly welcome, given the high volatility in the market. Axa Wealth was able to buck this trend and increase its overall assets under management, while enjoying healthy net inflows into its Architas investment funds.”