Axa’s platform inflows driven by pension sales

Axa’s platform inflows driven by pension sales

Axa Wealth’s Elevate platform saw £2bn worth of inflows last year - excluding discontinued business - driven by pension sales up 18 per cent to £477m - excluding onshore bonds, its annual results revealed.

This growth helped increase the group’s overall funds under management by 11 per cent from £25.5bn in 2013 to £28.2bn at the end of 2014. Total retail sales were £3.3bn over the same period.

The platform saw funds under management grow 24 per cent to £9.2bn, while funds in the pensions and investment range totalled £18.4bn - excluding the Retirement Wealth Account Self Invested.

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Assets have also increased for Architas, the group’s specialist investment business, up 7 per cent from £12.8bn to £13.6bn.

Mike Kellard, chief executive at Axa Wealth, explained that the positive results are a reflection of the investment made to infrastructure, distribution model and making investing as easy as possible.

“For example, the costs for the Elevate platform are based on clarity and transparency and the price you see is the price you pay.

“As with air-travel, while ‘budget’ alternatives may appear cheaper, hidden extras soon add up, which can not only confuse customers but also leave them out of pocket.”

Paul Evans, Axa UK and Ireland group chief executive, added that since Axa Wealth was retained from the disposal of Axa Life in 2010, it has now become profitable and well placed to take full advantage of the retirement reforms in April.

“This will be an exciting period during which time business models must evolve to respond to developing customer needs and ways of doing business.“