The company said sales of its offshore bonds into the UK, which includes its Evolution and International Portfolio Bond products, fell 27% from £962m during 2011 to £699m last year. However, Axa said offshore funds under management increased by 7% from £7.8bn at end of 2011 to £8.3bn at the end of 2012.
In a statement, Axa Wealth International said the slide in offshore bond sales was in line with its expectations and aligned to the overall market in “what was for many one of the most difficult years for advisers”.
“Against a backdrop of continuing economic uncertainty and the distraction amongst advisers, particularly during the second half of the year, in preparing for the implementation of RDR, Axa Wealth International has been able to maintain its position as market leader,” said Axa Wealth International managing director Mike Foy.
The final 12 month sales for Axa are marginally better than its first six months where sales were down 37% compared with the same period in 2011.
Change
The company has been undergoing a period of change over the past few months, having established a dedicated offshore sales and distribution division in August which was initially managed by life industry stalwart Richard Leeson.
However, Leeson left the company in January and was replaced by Frank Parsons who was given the title of head of distribution for Axa Wealth International. According to Parsons’ Linkedin profile, which has as its picture a photograph of Batman, he began his career at Winterthur (now part of Axa) in January 2000 as a regional sales director for the south of the UK.
Axa Wealth International’s parent company Axa meanwhile, saw its assets under management increase from £18.9bn to £21.6bn during 2012, with total sales of £3.3bn.
One of the company’s highlights was sales on its platform Elevate which were up 51% on 2011 from £3.5bn to £5.3bn, while assets also increased on its fund of funds business Architas, rising 20% from £9.4bn to £11.3bn.
