CompaniesMar 27 2012

Axa Wealth hits £4bn on Elevate platform

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ByDonia O’Loughlin

Assets held on Axa Wealth’s Elevate wrap platform soared to £3.5bn by the end of 2011, according to its annual results published today (27 March).

Moreover, since the start of this year assets have continued to grow and are up 14 per cent to over £4bn, Axa added.

Following Elevate’s integration into the Axa Wealth business, assets under management have grown from £320m in Q1 2010, the company said.

Elevate was launched to whole of market in November 2008 as a stand-alone business, outside of the Axa life and pensions company, before it was fully integrated into the Axa Wealth business in Q1 2010.

Last month, Axa Wealth agreed a “significant” new agreement with FNZ, the wealth management technology, transaction and custody services provider, to help accelerate the platform’s development.

The agreement is designed to secure the future of Elevate as the adviser platform of choice and help Axa Wealth deliver improvements in the way investment services are managed and administered online, the company said.

The agreement is being implemented alongside a programme to rapidly upgrade the platform’s functionality, with plans to introduce a new user interface, enhanced usability and a range of new added value adviser services by year-end.

David Thompson, managing director of distribution and marketing at Axa Wealth, said: “This is a very strong start to 2012, which I hope, along with our other developments, will provide advisers with increased confidence that Elevate should be their platform of choice.

“Over the last 12 months, we have seen significant improvements in the functionality, usability and proposition of Elevate and now, in my view, have one of the most advanced platforms on the market. And there is a lot more to come.”

Axa Wealth Elevate has been in the market just four years, with its first funds added on 14th November 2008 by Finch Financial Services LLP, CDH Insurance & Financial Consultants, Blake Independent Financial Planning Ltd and Condy Mathias Financial Planners Ltd.

Mr Thompson said: “While some other companies are still juggling the challenges of old and new books of business, Axa Wealth is able to devote all its attention to making its new model approach a success.

“This focus has helped us grow assets to £4bn in half the time of many other platforms.”

Paul Riddell, head of PR and communications at Axa Wealth, added: “We are very happy with Elevate’s growth and that it remains a key strategic investment, holding £4bn of AXA Wealth’s £18.9bn assets.