AXA Elevate Assets Jump 31 Per Cent

Stephen Little

4 August 2014

AXA Wealth has reported an increase in funds for the first six month on its Elevate platform of 31 per cent to £8.4 billion , up from £6.4 billion in the first half last year, while inflows onto the platform increased by 8 per cent to £1.1 billion.

The firm said in its half year statement for 2014 that funds under management for the remaining AXA Wealth pensions and investment range totalled £18.4 billion.

Architas, AXA Wealth’s specialist investment business, saw its assets increase six per cent from £12.6 billion to £13.3 billion.

AXA Wealth’s overall funds under management grew by 10 per cent from £24.3 billion in the first half of 2013 to £26.7 billion, while total retail sales were up four per cent to £1.6 billion over the same period. The firm also saw 10 per cent growth in sales for its retirement wealth account SIPP and a 40 per cent increase in its family SIPP.

Over the first six months, AXA said that it created New ISA propositions for its Elevate platform and AXA Self Investor, and made 144 super clean share class funds available from seven fund houses via AXA Wealth’s Elevate platform, the Retirement Wealth Account and Family Suntrust SIPP products.

"We’ve managed to deliver another strong performance across the business. There is however still a lot to do if we are truly going to help more people save and invest for the long-term and make the experience as straightforward as we can,” said Mike Kellard, chief executive officer at AXA Wealth.

“The Budget has transformed the way we all plan for retirement, and recast what retirement means to the great majority of the population. We are all living longer, our expectations and aspirations are different to our parents and our role in helping our families live hopefully healthier, wealthier lives is changing too. Our own research shows that as an industry we still have lots to do to convince people of the need to save. My commitment is to do all we can to make investing as simple and intuitive as we possibly can,” said Kellard.