Axa Wealth’s total sales fell 16 per cent in the first half of the year although the firm saw a strong growth in assets on its Elevate platform and investment company Architas.
In the first half of 2012, total sales decreased from 1.9bn to £1.6bn, with offshore sales down 37 per cent to £345m.
However, platform sales increased 11 per cent to £855m with assets on the platform increasing 49 per cent, from £2.9bn to £4.3bn. Architas assets were up 26 per cent, from £8.6bn to £10.8bn. Overall assets under management increased 7 per cent to £20.1bn.
Axa Wealth chief executive Mike Kellard says: “We have a very clear strategy. We know the markets we want to operate in, and also the type of adviser firm most suited to our offer.
“I believe we now have a very different proposition and a great platform. We are also developing a direct offer to enable advisers to serve smaller client needs, a profitable multi-manager business that has, in four years, grown to scale with a proven track record, and a very focused business not constrained by legacy. I have every reason to believe we will succeed.”
Premier Wealth Management managing director Adrian Shandley says: “Axa has been very aggressive in its marketing strategy so I am not surprised to see the level of platform assets increase. But my issue with Axa is it has shown commitment to other markets in the past such as the life and offshore business, only to pull the plug later.”