Fall in Axa platform sales
Axa Wealth added £1.3bn in assets to its Elevate platform last year, taking total platform assets under administration to £3.5bn, a fall from the £1.5bn added in 2010.
Platform assets under administration include self-invested assets through the retirement wealth account.
Total assets under management grew by 5.6 per cent from £17.9bn in 2010 to £18.9bn. Assets at Axa’s investment company Architas grew by 23 per cent from £7.7bn to £9.4bn.
Elevate will waive its platform charge for clients who invested in Architas funds before the end of 2011.
Axa’s bancassurance sales rose by 22 per cent from £313m to £382m after a distribution deal with Co-operative Financial Services in July.
Individual off-platform pension product sales rose from £4.6bn to £4.7bn. Sales of offshore bonds fell by 22 per cent from £1.2bn to just under £1bn.
Bloomsbury Financial Planning partner Jason Butler says: “It does not matter how many assets a platform holds, it is about whether it can make any money by holding those assets.”