Axa Wealth new sales top £5bn in Q3

Kellard Mike Axa Wealth 700x450

Axa Wealth grew its new sales by 87 per cent to £5.12bn in the third quarter of this year, driven by new assets flowing to its Architas and platform businesses.

The firm’s third quarter results, published today, reveal new sales reached £5.12bn compared to £2.74bn in the same quarter a year ago.

Funds under management increased by 14 per cent to £30.4bn from £26.6bn year-on-year, with Axa’s corporate investment business bringing in an extra £2.6bn.

Axa Wealth multi-manager arm Architas saw total assets increase by 46 per cent to £19.4bn for the same period.

The firm’s Sipp and investment platform also boosted funds under management by 16 per cent to £19.9bn, while the wrap platform saw total assets hitting £10bn, up 13 per cent from £8.8bn one year ago.

Axa Wealth’s new business income was up 46 per cent to £578m.

Axa Wealth chief executive Mike Kellard says: “Over the past five years we have grown assets for our pensions and investment business from around £15bn in 2010 to over £30bn, along with nearly £20bn in our multi-manager business.

“It’s been a year of huge change for our industry and I’m extremely proud of the way Axa Wealth has responded to the opportunities and grown over the past nine months, which follows four years of rapid growth.

“These results reflect the calibre of the proposition built over recent years, the agility demonstrated in launching new offers to support advisers and their customers and the valued support of our adviser partners.”

Recommended

7

Is DWP’s ‘Workie’ really a colossal waste of money?

What is 10 feet tall, has two horns and is covered in multi-coloured fur? Well, if you believe some members of the advice community, the answer is a complete waste of money. It is fair to say the reveal of “Workie” and the Department for Work and Pensions’ new marketing campaign to promote workplace pensions […]

Standard-Life-Building-700x450.jpg
5

Standard Life under fire for ‘poaching’ letters to advised clients

Advisers have slammed Standard Life for sending “poaching” letters to advised clients. The provider has written to thousands of customers urging them to review whether its Annuity Purchase fund is still suitable for them. The letter says the fund is designed for customers who are planning to buy an annuity. It says for those who are […]

Profile: TPAS chief Michelle Cracknell on making guidance a social norm

Michelle Cracknell is in very select company. She must be one of only a handful of pensions professionals who are thankful the Government unleashed the freedom and choice reforms 18 months ago. “I got really lucky in March 2014 when George Osborne got up and thrust pensions right into the spotlight,” says The Pensions Advisory […]

1

MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment