AXA Wealth has reported strong interest from advisers in its Elevate platform with assets increasing by 50 per cent to £6bn.
In the firm's Q1 2013 results today, Elevate assets under management rose from £4bn in Q1 2012 to £6bn in Q1 2013. Total sales for adviser business rose by 28 per cent to £397m and the firm said March had been the best month for inflows since Elevate's launch in November 2008.
Some 40 per cent of March's inflows went into clean share classes and the firm announced last month it would be adding a further 1,000 clean share classes this summer.
Total assets for AXA Wealth, a corporate member of the Institute of Financial Planning, increased by 20 per cent from £20bn this time last year to £24bn.
Assets on Architas, the firm's specialist multi-manager business, rose by 13 per cent from £10.7bn to £12.1bn. Some 60 per cent of new Architas business went into clean share classes.
Offshore assets under management grew by nine per cent from £7.9bn at the end of Q1 2012 to £8.7bn at the end of Q1 2013 while pensions and onshore bonds assets grew by 19 per cent over the same period from £8bn to £9.5bn.
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Mike Kellard, chief executive officer, said: "This quarter's results are the first barometer of whether AXA Wealth's RDR strategy has been successful, and overall it is a very pleasing picture.
"Looking forward, I am feeling more optimistic than I was this time last year for the industry and for AXA Wealth, following a very successful first quarter, but also the much anticipated FCA platform paper on rebates for both advised and non-advised sales. While the retention of unit rebates and not cash rebates is a curiosity, we are largely agnostic on the issue as we do not rely on revenue from rebates, unlike the more traditional providers who have built their models around rebates.
"I believe that the introduction of clean share classes will however increase in popularity and that re-registration on platforms will continue to be a focus for advisers, knowing the detriment to consumers' investments from being out of the market."

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