Managing director of the business unit, Mike Foy, said UK offshore market growth was unsettled but the broader international space was stronger than expected.
In the full year 2015 results, published Thursday, funds under management for Axa Wealth International remained in line with last year, at £9.4bn ($13.1bn, €11.9bn).
Pension opportunity
Foy said overhauling the UK pension regime would provide great opportunities for tax mitigation and was optimistic over the market outlook for 2016.
He said: “As customers begin to exhaust their conventional tax allowances through Isas, general investment accounts and pensions, their advisers are likely to look more to international products to meet the tax mitigation needs of their clients.”
Platform growth
More broadly, Axa Wealth reported a 14% rise in platform assets in the year to 31 December 2015.
Assets under management on Axa Elevate rose from £9.2bn to £10.5bn while total corporate investment business drew in new mandates worth £2.7bn.
Total new business into the wealth offering, comprising its fund platform, Elevate, multi-manager business Architas and its Sipp and investment platform was up 27%, to £667m at 31 December 2015.
Pension and investment funds under management grew by 13% to £31.8bn and assets in its multi-manager proposition Architas rose 46% to £19.8bn following its move into Europe.
The division’s specialist Sipp and investment platform grew its AUM by 13% to £20.7bn year on year.
In a statement alongside the results, Axa Wealth chief executive Mike Kellard 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.
“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.”
For sale?
Last year Axa was reported to have put Elevate, Axa Sun Life and Axa Isle of Man up for sale, with a combined price tag of £250m.
It was also reported that Kellard was seeking private equity backing to secure a management buyout of the platform.
