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Axa Elevate’s McMahon switches roles

Axa Distribution Service managing director Paul McMahon is to become managing director of corporate benefits passing responsibility for the Elevate wrap to Marc Davies.

Davies will takeover operational leadership of Axa Distribution Service under Mike Kellard chief executive officer of Axa Wealth from the start of October.

The move forms part of Axa Life’s company restructure, which will see the Elevate wrap become a core element of Axa Wealth.

Axa says ADS will continue to operate as a distinct entity, similar to other wealth management offerings, Axa Winterthur Wealth Management, Architas and Axa’s offshore businesses in the Isle of Man and Dublin.

The platform has now reached £200m of assets under management since its launch in November 2008.

Axa Life chief executive Paul Evans says: “We always envisaged that Elevate would at some stage form a core part of the broader wealth management proposition and we now feel that having delivered the platform, and with £200m assets under management, now is the right time for us to bring it into the core of our wealth management range.

“I have every confidence in its continued growth under the leadership of Mike Kellard.”



CBI blasts Tobin tax

The Confederation of British Industry has dismissed Lord Turner’s idea of introducing a Tobin tax on financial transactions and criticised him for taking a moralistic stance against the banking industry.

Body found in search for David Seaton

Police in Cornwall have recovered a man’s body from the beach near Kilkhampton, Bude which they suspect could be that of Rowanmoor Pensions managing director David Seaton.

China’s economic bounce may already be over

By Mike Riddell (17 May 2016) Most people would explain the rally in global risky assets since mid-February as being primarily down to the spectacular volte-face from the Federal Reserve, where Janet Yellen (and others) dramatically toned down their narrative that the Fed would be hiking rates as many as four times in 2016. This explanation […]


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