AXA Wealth’s pension and investment business was up 17% to £11.8bn in the first quarter of this year, the firm reported this morning.

The figure rose from £10.1bn during the same period last year, while total assets were up 26% from £36bn to over £46bn.

The figures have been released after the agreed sales of AXA Wealth International to LCCG and Elevate to Standard Life, announced earlier this month.

AXA Wealth pensions and investment funds under management were up 9% from £29.7bn to £32.2bn and multi-manager specialist Architas increased assets 43 per cent from £14.3bn to £20.4bn.

Pension sales rose 30% to £418m. AXA Wealth total assets stand at over £46bn, up 26 per cent from £36bn at Q1 2015.

A statement from the company read today: “AXA Wealth was created in 2010 with a business model to build value by placing asset gathering platforms and asset management together, thus capturing more of the value chain than either alone.

“This portfolio included the AXA Wealth pension and investment business, AXA Wealth International, and the start-ups Architas and Elevate. Over the last five years, this approach has resulted in the business transforming from one making substantial losses at outset to one generating £54m of profit in 2015, with over £46bn assets at Q1 2016.

“The business turnaround has given AXA UK optionality which led to the announcements of its decision to deploy Architas across AXA’s European life and savings businesses, that it is in discussions to sell the AXA Wealth pension and investment business and SunLife, and has agreed the sales of AXA Wealth International to LCCG and Elevate to Standard Life.”

Mike Kellard, chief executive officer, AXA Wealth, said: “Following the recent news from AXA UK ending the uncertainty over the last few months, I’d like to thank our people and our advisers for all their support toward helping make AXA Wealth such a strong and successful business.

“Over the coming months we will be working hard to ensure the transition to the new owners is as smooth as possible for advisers and their clients, ensuring continuity of service."