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AXA Elevate assets rise 50% boosted by £1.7bn sales
by Alex Steger on Feb 21, 2013 at 07:44
Wrap platform AXA Elevate saw a £1.7 billion surge in sales over 2012 helping assets under administration grow to £5.3 billion.
Sales on the wrap were up 17% at £1.7 billion, while total assets rose 51% from £3.3 billion in 2011 to £5.3 billion at the end of 2012.
Elevate’s strong performance helped boost parent company AXA Wealth, with 51% of its new business being placed on the platform.
AXA Wealth’s sales totalled £3.3 billion, a drop of 11% from £3.7 billion in 2012, while overall assets rose to £21.6 billion, from £18.9 billion the year before.
AXA Wealth said the drop in sales was due to challenging economic markets, advisers being distracted by preparation for the retail distribution review (RDR) and the company's final separation of its life business which was sold to Friends Life in 2010.
Multi-manager fund range Architas also saw assets increase, rising 20% from £9.4 billion in 2011 to £11.3 billion in 2012.
AXA Wealth chief executive Mike Kellard (pictured) said the firm’s ability to offer adviser charging across all its products had helped in the run-up to the RDR.
‘At a time when many businesses have not been able to facilitate adviser charging, AXA Wealth has invested in its entire product range…to ensure they are fully RDR-ready. We are one of a very small number of companies that are able to offer adviser charging as an option across both our wrap platform and our individual products.'
He added: ‘While of course there is still uncertainty ahead, I think we will be in a strong position to support advisers in this new RDR world.’
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