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Axa Wealth sees 53% sales boost driven by Elevate

Axa Wealth has posted a 53 per cent rise in sales to £4.5bn for 2013, boosted by an increase in assets under management on its Elevate platform.

The company reported sales of £2.9bn for 2012.

The figures do not include sales from the bancassurance channel, which was axed last April after the company said it would have to charge 6 per cent to deliver advice profitably.

Overall assets grew by 18 per cent from £21.6bn at the end of 2012 to £25.5bn at the end of 2013.

AUM on Elevate increased by 41 per cent over the same period from £5.3bn to £7.5bn.

AUM also increased for Architas, its fund manager, by 3 per cent from £11.3bn to £12.8bn.

Axa Wealth chief executive Mike Kellard says: “Confidence in the economy is up and we have continued to outperform the market in terms of growth. Last year’s results give us a strong basis from which to build. 

“2014 will be about investing further to enhance our strategy of delivering flexible, functionally rich yet straightforward investment platforms in the UK.”

Clear IFA director Howard Bullock says: “Axa has tried to demonstrate a commitment to the UK market and these numbers seem to reflect that. 

“It also seems to be pro-actively trying to improve func–tion-ality on Elevate, which is important when you are running a platform business.”

In November, Axa Wealth restructured its sales and support teams to focus on remote support, with cuts to the number of face-to-face sales support staff. 

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