AXA Wealth sales have risen 48% to £2.9bn in the first nine months of this year, powered by strong results from its wrap platform, Elevate, and Architas Multi-Manager. Strong demand for pensions and offshore bonds also contributed to the performance.
AXA Wealth, which in September launched its new proposition following the sale of its legacy book to Resolution, also grew assets under administration to £17bn, with growth coming largely from Elevate (up from £0.2bn at the start of the year to £1.6bn)*, Architas Multi-Manager (£3.9bn), AXA Winterthur pension and bonds (£4.9bn), Corporate Investment Services (£2.4bn) and AXA Wealth International (£7.1bn).
AXA Wealth believes that its new model proposition has built a powerful platform on which to grow. Fast growth in new propositions such as Elevate, which has just won the major contract with Sesame Bankhall Group (‘SBG’) to power SBG’s new One platform proposition (which will support the platform needs of almost a fifth of the IFA market) and Architas, are supported with new products such as the third way Secure Advantage offer, and a re-priced single pension offer. With its ‘RDR ready’ business, inward investment as a result of the sale of its legacy book, and demand growing for at retirement services from high value investors, AXA Wealth is positioned strongly to benefit from changes in the market.
Results in summary:
- Wrap platform total funds grow strongly from £0.2bn to £1.6bn
- AXA Winterthur pension and bond total sales year to date up 62% to £1bn
- AXA Wealth International (including Isle of Man and Dublin) total sales year to date up 41% to £0.9bn
Having taken strong positions on the rebate debate, with its ability to pass on almost all its fund rebates to clients, (i.e AXA Elevate has rebated £970,000 of £1mn received to date), and strategically arguing provider winners will be those who segment their markets, and work in partnership with IFAs, AXA Wealth is confident it can grow its market share in both the platform and off platform at retirement markets.
Mike Kellard, CEO, AXA Wealth, says: “The market is changing fast and this creates opportunities for providers and advisers who are responsive, and can adapt to the changing landscape. Partnership and focus are key, but strong relationships, sound propositions, and investment in customer service and value added services will create the differentiation required to win, as the market consolidates and fewer players compete for market share.”
*Total funds including sales of The One from Winterthur self invested on the platform
Paul Riddell, press office, +44 (0)1256 798442
Becky Holmes, press office, +44 (0)1256 798310
AXA Wealth, Winterthur Way, Basingstoke, Hampshire, RG21 6SZ. Telephone number: 01256 470707. As part of our commitment to quality service, telephone calls may be recorded.
Architas Multi-Manager Limited (No. 06458717), AXA Portfolio Services Limited (No. 1128611), AXA Wealth Services Limited (No. 02238458), Winterthur Life UK Limited (No. 3116645) and AXA Wealth Limited (No. 01225468) are all companies registered in England and limited by shares. Their registered office is 5 Old Broad Street, London, EC2N 1AD. Each company promotes and distributes its own products and is authorised and regulated by the Financial Services Authority. AXA Wealth Services Limited also promotes and distributes the products of AXA Isle of Man Limited and AXA Life Europe Limited in the United Kingdom.
AXA Wealth is a marketing brand used by these companies. Details of the companies offering specific products are contained within product literature.
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. For full year 2009, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,014 billion in assets under management as of December 31, 2009.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
Our previous company performance is not a guide to how we may perform in the future.
Any opinions expressed in this media communication are made as at the date of this publication but are subject to change without notice.