Axa Wealth has reported a 20 per cent increase in Q1 sales, from £689m last year to £827m this year, driven by a surge in Isa new business.
The provider’s first quarter results, published today, reveal Isa sales increased 33 per cent year-on-year, from £97m in Q1 2013 to £130m in the same period this year. Mutual funds sales were also up by a third, from £241m to £320m.
Pensions sales increased 3 per cent, from £68m in Q1 last year to £69m in Q1 this year, while onshore bond sales rose 8 per cent, from £17m to £19m.
Offshore bond sales dropped from £165m to £160m, while sales of the Corporate Trustee Investment Plan were down 19 per cent, from £94m to £76m.
Elevate, the firm’s wrap platform, saw assets under management increase 30 per cent from £6bn in Q1 last year to £7.9bn this year.
Assets under management for Architas, Axa’s specialist investment business, rose 7 per cent from £12.1bn to £13bn.
In addition, the provider has adjusted its retirement products to allow savers to take advantage of new flexibilities announced by Chancellor George Osborne during last month’s Budget.
Axa Wealth chief executive Mike Kellard says: “We strive to make investing easy for individuals and their families.
“The removal of the legacy business back in 2010 means we are a more nimble and agile business, able to respond to industry changes such as announcements in the recent Budget, so that investors can make the most of the flexibility and freedom it affords them.”