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across the board growth recorded at axa

21 Feb 14

Sales grew by more than 10% last year for Axa Wealth International, despite anticipated headwinds caused by the introduction of the new Retail Distribution Review legislation in the UK.

Sales grew by more than 10% last year for Axa Wealth International, despite anticipated headwinds caused by the introduction of the new Retail Distribution Review legislation in the UK.

The Isle of Man-headquartered company said sales had increased 13% from £699m in 2013, to £790m last year, supported by the launch of its Delegation bond in September.

Sales helped to bring total funds under management up by 8% from £8.3bn to £9bn at the close of 2013.

Axa Wealth International managing director Mike Foy said the company’s product proposition had been “well placed” for RDR, explaining it was already offering flexible adviser charging across the full range of products before the year began.

Foy added: “Advisers have always been instrumental to the success of our client proposition and where possible we adapt our business to support their business needs and objectives. Continuing to develop innovative products, like our Delegation Bond which launched last year, will be key to supporting changing financial planning demands in the future.

“Advisers and investors are increasingly looking for greater investment choice and efficient tax management through a variety of means and as a result we have seen the sales of offshore bonds on platforms increasing in the last 12 months. The direction of travel for the international market is quite clear – adapt and innovate.”

Sales at Axa Wealth meanwhile, were up significantly on 2012, with the firm recording a 53% increase to £4.5bn and assets under administration growing by 18% from £21.6bn to £25.5bn. Assets on the Axa Elevate platform grew by 41% to £7.5bn, while the company’s multi-manager proposition, Architas, grew by 13% to £12.8bn.
 

Tags: Axa

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.