Friday, 03 August 2012 09:05
AXA Wealth doubles assets on Elevate platform
Assets on AXA Wealth's platform Elevate have almost doubled from £2.9bn to £4.3bn, according to the firm's half-year results.
Sales on the Elevate rose by 11 per cent to £855m with platform business now represents 52 per cent of all individual sales by the company.
Around 90 per cent of the platform's new business is received on an unbundled basis, although the proposition offers both bundled and unbundled charging structures.
Overall assets under management grew seven per cent from £18.9bn to £20.1bn year-on-year while assets for the Architas investment arm of the company were up 26 per cent.
Mike Kellard, chief executive of AXA Wealth, said the firm had been adapting its proposition to suit advisory firms.
"We have a very clear strategy. We know the markets we want to operate in and the type of adviser firms 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 manager business that has, in four years, grown to scale with a proven track record and a very focused business not constrained by legacy."
The company, a sponsor of the Institute of Financial Planning, also announced the appointment of Andrew Smith as new AXA Wealth Elevate chief operating officer. Mr Smith will join AXA Wealth on 3 September directly from Nucleus where he was responsible for platform design and build.
Mr Smith said: "I recognise AXA Wealth as being a leading platform provider in the industry today, and one whose ambitious strategy promises to further enhance its presence in what is becoming an increasingly competitive market."
Sales on the Elevate rose by 11 per cent to £855m with platform business now represents 52 per cent of all individual sales by the company.
Around 90 per cent of the platform's new business is received on an unbundled basis, although the proposition offers both bundled and unbundled charging structures.
Overall assets under management grew seven per cent from £18.9bn to £20.1bn year-on-year while assets for the Architas investment arm of the company were up 26 per cent.
Mike Kellard, chief executive of AXA Wealth, said the firm had been adapting its proposition to suit advisory firms.
"We have a very clear strategy. We know the markets we want to operate in and the type of adviser firms 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 manager business that has, in four years, grown to scale with a proven track record and a very focused business not constrained by legacy."
The company, a sponsor of the Institute of Financial Planning, also announced the appointment of Andrew Smith as new AXA Wealth Elevate chief operating officer. Mr Smith will join AXA Wealth on 3 September directly from Nucleus where he was responsible for platform design and build.
Mr Smith said: "I recognise AXA Wealth as being a leading platform provider in the industry today, and one whose ambitious strategy promises to further enhance its presence in what is becoming an increasingly competitive market."
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
This page is available to subscribers. Click here to sign in or get access.