AXA Wealth says the new pension freedoms introduced by Chancellor George Osborne helped fuel new business in 2015 with inflows up 27 per cent to £667m, according to its full year 2015 financial results.

AXA Wealth reported total funds under management up 13 per cent from £28.2bn at the end 2014 to £31.8bn, driven by "strong new business as a result of the recent pension freedom reforms."

Architas, AXA Wealth's multi-manager arm, saw total assets increase 46 per cent from £13.6bn to £19.8bn, following its European expansion. 

AXA Wealth’s specialist SIPP and investment platform grew funds under management by 13 per cent to £20.7bn, while the wrap platform saw FUM total £10.5bn, up 14 per cent from £9.2bn. The company’s corporate investment business secured new mandates totalling £2.7bn.

Mike Kellard, chief executive officer, AXA Wealth, said: “During a period of high volatility in the global markets and further regulatory and industry change, we continued to see strong growth in 2015, securing the five-year ambition we set for the business.

“This year, advisers will be looking at how to help those clients impacted by a further reduction in the lifetime allowance, we’ll see a long overdue review of the financial advice market in the UK, to attempt to close the advice gap, and there’s likely to be changes to the way pensions are taxed, to encourage people to save.

“We still have lots to do though. Our focus will be on understanding and delivering on the areas that matter most to our customers; increasing our investment choices and adding model portfolio functionality, enhancing our retirement offering and delivering consistently excellent customer service.