Axa platform assets hit £11bn ahead of sell-off

Axa platform assets hit £11bn ahead of sell-off

Assets on Axa Wealth’s wrap platform Elevate increased by 9 per cent in the first quarter, ahead of its takeover by Standard Life.

Elevate’s total assets under management hit £10.8bn in the first three months of the year, from £10bn over the same period in 2015, according to Axa Wealth’s latest results.

This comes after Axa revealed its plans to sell the platform to insurance giant Standard Life earlier this month.

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The French insurer is also looking to exit the UK life and savings market by selling its direct protection business SunLife and its non-platform investment and pension business.

Axa Wealth’s total assets reached £46bn in the first quarter of this year, up more than a quarter from £36bn at the same time last year.

Its multi-manager specialist business Architas - which it has no plans to sell-off - increased its assets by 43 per cent to £20.4bn, from £14.3bn.

Assets for its pension and investment business were up 17 per cent to £11.8bn from £10.1bn in the first quarter last year.

In 2015, Axa Wealth’s entire business generated profit of £54m.

Chief executive Mike Kellard said the business turnaround gave Axa UK the options which led to recent discussions to sell-off parts of the business.

“Following the recent news from Axa ending the uncertainty over the last few months, I’d like to thank our people and our advisers for all their support toward helping make Axa Wealth such a strong and successful business.

“Over the coming months we will be working hard to ensure the transition to the new owners is as smooth as possible for advisers and their clients, ensuring continuity of service.”