Axa Elevate signs ‘long-term’ agreement with FNZ

Axa Wealth’s platform Elevate has entered into a new “long-term strategic agreement” with technology, transaction and custody services provider FNZ.

Axa Wealth said in a statement that the new agreement follows extensive IFA market research, which identified four key areas for Elevate’s development strategy, including improving usability, production maintenance, continuous development and new initiatives.

The firm said it hoped to benefit from the recent acquisition of FNZ by global private equity buy-out house General Atlantic in partnership with HIG Capital, which has provided the firm with fresh equity to expand.

Mike Kellard, chief executive at Axa Wealth, said: “We carried out a full review of Elevate’s future support requirements and it became clear that if we are to continue to build on and further improve what we believe is a cutting-edge platform, the existing arrangement needed to be significantly enhanced.

“The new agreement will help shift Elevate to the next important level and help secure its position as a market-leading platform.

“I am pleased that our partnership with FNZ is strengthening and I am confident that the introduction of an additional investor in General Atlantic will help FNZ support the growth and development of Elevate.”

In June 2011 it was announced that Martin Jennings, former head of the Axa Elevate platform, was appointed as regional head of FNZ’s Australian and New Zealand operations.