AXA Wealth announces first quarter 2014 financial results, with significant growth across the business. This growth helped increase AXA Wealth’s overall assets under management (AUM) by eight per cent from £24 billion to £25.9 billion over Q1 2013. AXA Wealth total retail sales were up 20 per cent to £827 million over the same period.
AXA Wealth’s wrap platform, Elevate, saw assets under management (AUM) up 30 per cent from £6.0 billion to £7.9 billion. AUM for the remaining AXA Wealth pensions and investment range totalled £18.0 billion. Assets under management and advice also increased for Architas, AXA Wealth’s specialist investment business, up seven per cent from £12.1 billion to £13.0 billion.
During Q1 2014 AXA Wealth has notably:
Created a Budget-ready business across its proposition, with the new flexible drawdown income requirement of £12,000 and the new triviality limit of £30,000 on both its individual and family SIPPs; Retirement Wealth Account and Family Suntrust family SIPP. The new GAD income levels of 150 per cent are also available on these two products and via the AXA Wealth platform, Elevate
Enhanced pricing for high net worth clients investing over £1 million on AXA Wealth’s platform Elevate.
Mike Kellard, chief executive officer, AXA Wealth, commented: “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. We are committed to continually improving the experience for our customers and advisers, which along with ongoing investment into the development of our product wrappers, investment platforms and range of fund options, will help us stand out from the crowd.”
Business results summary (Q1 2014 over Q1 2013):
AXA Wealth’s wrap platform, Elevate
Inflows on to the platform increased by 30 per cent, to £544 million, driven in part by a 34 per cent increase in Elevate ISA sales
It is now even easier for advisers to use with simpler navigation, faster payment systems and clearer illustrations.
AXA Wealth’s retirement and investment range outside wrap – Retirement Wealth Account, Family Suntrust, onshore and offshore bonds, and Corporate Trustee Investment Plans (CTIP)
Pensions and onshore bonds, sales up three per cent from £85 million to £87 million
Offshore AUM up two per cent from £8.7 billion to £8.9 billion
CTIP AUM remained at £3.9 billion, with APE totalling £76 million.
