Axa Wealth Int'l increases sales by 36%
From Products Aug 12 2010 BY: Simon Danaher
, Online News Editor
, International Adviser
Isle of Man-based Axa Wealth International increased its sales by 36% during the first half of 2010 bringing its assets under management to £566m.
Axa said its offshore business, which has access to products based in Dublin, now had a 20% market share.
Overall Axa Wealth, Axa UK’s wealth management arm of which the international subsidiary is a part, represented 54% of Axa Life’s £1.9bn new business sales in the first half of 2010.
Axa Wealth said it planned to triple its assets under management by 2015 to £45bn and said one of the key drivers of this growth would be its UK-based independent multi-manager business, Architas.
The firm said since launching two years ago it had grown to be within the top five biggest multi-managers in the industry, with its funds under management growing significantly over the first half of this year to £3.5bn. It added that the RDR would be beneficial to it as IFAs increasingly look to outsource investment decisions and focus on client management.
Another area of growth identified by the business is its Elevate wrap platform business which took inflows of £1bn over the period. It said its bundled and unbundled wrap charging approach had attracted a positive response from the market and will be Axa Wealth’s primary business focus going forward.
Mike Kellard, chief executive officer, Axa Wealth, said: “The Axa Wealth half year business results are particularly strong given there is still little evidence that consumer confidence has returned. It does underline in my view however that advisers are increasingly looking at Axa Wealth as they see us being in a strong position for the future to support their needs and the needs of their mass affluent and high net worth clients.”