AXA Wealth plans to triple assets and launch a range of new products

AXA Wealth has announced it will aim to double its assets under management by 2013 and triple them by 2015.

AXA Wealth represents all of AXA’s business in the UK after the sale of AXA Life UK to consolidation vehicle Resolution last week for £2.75 billion.

The firm said the net proceeds from the sale would be reinvested in AXA Wealth.

The Architas Multi-Manager and Elevate Wrap are both set to benefit from increased investment as AXA plans to expand both services and offer a new range of services.

The French provider said AXA Wealth had seen new sales increase 43% to £1.2bn in the first quarter of 2010 compared to the previous year on top of total single premium sales for 2009 of £4.77bn.

AXA Wealth includes AXA Winterthur pension investment business, Elevate wrap, Architas Multi-Manager, bancassurance and Wealth International businesses, the new AXA Wealth business will also include a corporate trustee investment plan (CTIP).

AXA Wealth will feature a new variable annuity product, provided by AXA Life Europe, and an enhanced AXA Winterthur onshore bond by end of 2010. It will also launch an enhanced Family Sun Trust Sipp and an onshore investment bond on Elevate in 2011. These will join its single pension proposition The One from Winterthur, and the Elevate Pension Investment Account as AXA Wealth’s new flagship range.

Mike Kellard (pictured), chief executive of AXA Wealth, said it had the sustained momentum to become a market leader.

‘With sales increasing across our wealth portfolio, and new propositions like Elevate, which is one of the fastest growing wrap platforms, enhancing funds under management by over 160% in the first five months of 2010 alone, and Architas, now a leading multi-manager fund house in less than two years, AXA Wealth has the sustained momentum to build a powerful market-leading proposition,’ he said.