We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

In association with

Home > Your Industry > Companies & People

By Ashley Wassall | Published Aug 03, 2012

Axa Wealth platform assets surge 50%

Axa Wealth recorded a rise in overall assets under management in the first six months of 2012, as its platform Elevate witnessed a near 50 per cent surge in assets held on platform and its investment management unit Architas also generated an increase in assets.

According to half-year results, published today (3 August), Elevate recorded an increase in sales of 11 per cent to £855m over the first half of the year, helping to push assets up by 49 per cent from £2.9bn to £4.3bn.

The firm did not provide sales figures for Architas, but said that its total assets had grown 26% from £8.6bn to £10.8bn, while its offshore business Axa Wealth International saw a 37 per cent drop in sales to £345m but still recorded a rise in assets to £8bn.

Overall sales for the Axa Wealth business for the six months to 30 June 2012 totalled £1.6bn, with platform business now representing 52 per cent of all individual sales, up from 40 per cent in H1 2011.

The firm did not provide any detail on the profitability of any of its business units.

The wider Axa UK and Ireland business, which includes a number of general insurance and healthcare business units, saw underlying earnings increase 27 per cent to £66m compared to £52m in the first half of 2011.

Mike Kellard, chief executive of Axa Wealth, said: “These are very pleasing results for Axa Wealth, whilst the industry has been distracted with issues such as needing to prepare for the RDR, highly volatile markets and a double-dip recession.

“We have a very clear strategy. We know the markets we want to operate in, and also the type of adviser firm most suited to our offer. I believe we now have a very different proposition and a great platform.

“We are also developing a direct offer to enable advisers to serve smaller client needs, a profitable multi-manager business that has, in four years, grown to scale with a proven track record, and a very focused business not constrained by legacy.”

visible-status-Standard story-url-axa wealth results AW 030812.xml

Most Popular
More on FTAdviser