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Axa Elevate parent posts £20m pre-tax loss

The firm behind Axa Elevate has posted a £19.8m pre-tax loss for 2013, down 34 per cent from £29.9m in 2012.

Costs of administration at Axa Portfolio Services, which also sits behind D2C platfrom Axa Self Investor, fell 16 per cent from £53.7m to £45m.

Development costs fell 19 per cent from £12.7m as the company invested £10.3m in its advised platform and Axa Self Investor, its direct-to-consumer proposition.

Assets on Elevate increased 41 per cent from £5.3bn to £7.5bn. 

Axa says the results are in keeping with the business’ plans to move to profitability.

The accounts say hat the business has a letter of support as an assurance from parent Axa UK that it will continue to provide financial support.

Axa Wealth chief finance and risk officer David Cheesman says: “Our focus is on continuing to invest in our investment proposition, providing enhancements which increase efficiency for advisers to benefit their clients and their business, rather than looking for shorter-term profitability for ourselves. This is reflected in our growth in assets on our wrap platform.”

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