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Axa Wealth new business up 27% to £667m

Axa Wealth new business up 27% to £667m

Axa Wealth has announced there has been an increase of 13 per cent in funds under management (FUM) and new business was up 27 per cent to £667m in 2015.

According to financial results published today (25 February) FUM value has increased from £28.2bn at the end of 2014 to £31.8bn in 2015.

Axa Wealth’s specialist Sipp and investment platform grew FUM by 13 per cent to £20.7bn, while the wrap platform saw FUM total £10.5bn, up 14 per cent from £9.2bn.

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The company’s corporate investment business secured new mandates totalling £2.7bn.

Mike Kellard, chief executive officer of Axa Wealth, said: “During a period of high volatility in the global markets and further regulatory and industry change, we continued to see strong growth in 2015, securing the five-year ambition we set for the business.

“This year, advisers will be looking at how to help those clients impacted by a further reduction in the lifetime allowance, we’ll see a long overdue review of the financial advice market in the UK, to attempt to close the advice gap, and there’s likely to be changes to the way pensions are taxed, to encourage people to save.

“We still have lots to do though. Our focus will be on understanding and delivering on the areas that matter most to our customers; increasing our investment choices and adding model portfolio functionality, enhancing our retirement offering and delivering consistently excellent customer service.”