Axa Wealth to triple funds under management by 2015
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Axa has announced targets to triple sales and assets under management by 2015 as it looks to concentrate investment in its new Axa Wealth business.
It was announced last week that Resolution is to buy Axa UK’s life and pensions business in a £2.75bn deal. Following the acquisition Resolution will merge Axa UK’s life business with its previous acquisition Friends Provident, before rebranding the combined business as Friends Life in 2011.
Axa says the net proceeds of the deal will be used in part to fund the development of its UK wealth management business, an area of the business where it sees the most long-term potential.
The wealth management arm will be formally named Axa Wealth, and will include the Axa Winterthur pension investment business, the Elevate wrap, Architas Multi Manager, Bancassurance and Wealth International businesses, and corporate-investment only products through a Corporate Trustee Investment Plan.
Axa Wealth is aiming to double sales and assets under management by 2013 and triple assets under management by 2015.
The strategy will also include an expansion of both Architas Multi Manager and the Elevate wrap.
Axa Wealth CEO Mike Kellard says: “AXA has a clear UK strategy to continue to accelerate the focus and growth of its wealth and associated businesses, which is built on a ‘RDR-ready’ investment-led wealth management model, rather than the old legacy life model, with no conflicts from the past.
“With sales increasing across our wealth portfolios, AXA Wealth has the sustained momentum to build a powerful market-leading proposition.”
AXA Wealth has also outlined its product strategy, which will feature a new variable annuity product provided by AXA Life Europe and an enhanced AXA Winterthur onshore bond by end of 2010.
It will also launch an enhanced Family Sun Trust SIPP and an onshore investment bond on Elevate in 2011.
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