Axa Elevate assets jump £2.1bn as clean shares take hold

Axa’s Elevate platform saw assets under management increase 48 per cent from £4.3bn to £6.4bn in the first six months of the year, as a new business boom driven by a substantial uptick in clean share class new business.

Elevate claims to have one of the highest numbers of clean share classes on the platform, with over 2,500 and 1,000 available through Axa Self Investor service.

The growth in AUM is largely driven by increasing inflows from ‘IFA’ business on Elevate, which rose by 52 per cent to £945m. June 2013 inflows were almost double the previous year and 56 per cent of which went directly into clean share classes.

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Assets also increased for Architas, Axa Wealth’s specialist multi-manager business, rising 17 per cent from £10.8bn to £12.6bn. This growth helped increase Axa Wealth’s overall assets by 21 per cent from £20bn to £24.3bn over the same period.

Overall Axa Wealth sales grew 68 per cent to £2.5bn, reflecting a strong first half year for the business. The firm said this reflected the tailored approach it developed for each of its core business areas in the lead up to the RDR.

Mike Kellard, chief executive officer of Axa Wealth, said there has been “excellent growth” for both Elevate and Architas so far this year.

He said: “I believe good service will be a key differentiator for advisers over coming years. But while we are proud of the award-winning service that we offer, we will not become complacent, and will continue to work closely with advisers on improving our adviser support to ensure we continue to meet their needs.

“We have seen the adviser community embrace the launch of clean share classes. As many advisers anticipate placing more than 75 per cent of new platform business into clean share class funds over the next year, we are well positioned to meet the demand.

“This move to clearer pricing is part of our long-term focus to promote greater transparency for consumers and make investing as easy as possible for them and their families.”