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Axa backs new wealth service with ‘rigorous’ fund selection

Firm targets drawdown after portfolio and Sipp launch

Axa has brought its wealth management and Sipp proposition to the market after more than two years of development.

The wealth management service will initially include over 170 in-house and externally-managed funds chosen using an ongoing selection process designed to meet IFA and client demands.

The Sipp proposition will offer full and deferred options, with access to a panel of discretionary fund managers plus online access to a range of over 500 UK authorised unit trusts and Oeics provided via a link to Barclays’ fund supermarket.

Axa is also enhancing its personal pension with around 200 in-house and external funds from 29 managers.

It has revamped its commission structure to include term-related commission and commission determined between the adviser and client up to a maximum 100 per cent of the first year’s annual premiums and 15 per cent of lump-sum contributions.

Investment office senior manager Colin Nelson says the new strategy could compliment a wrap proposition and confirms a team is assessing wrap although there are no firm plans to offer a proposition in the immediate future.

He says the next area Axa is targeting is drawdown and the deaccumulation market, with launches likely by the end of the year.

Nelson says: “Decisions about attitude to risk, asset classes, investment style and process and market popularity will dictate our investment menu. We will assess funds rigorously, enabling us to add funds to support these factors.

“We aim to act in our clients’ interest so we will carefully monitor the funds against strict criteria and those not up to standard may be removed from the portfolio.”

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