AXA's wrap platform Elevate reaches £6bn in assets

AXA Wealth's Elevate wrap platform has reached over £6bn of assets under management, according to the company.
According to AXA, hitting £6bn in assets makes Elevate one of the fastest growing platforms in the UK market with March the biggest month for inflows to the platform since the platform was launched.

Elevate says it has seen increased interest from advisers following the introduction of its new tiered pricing model. AXA Wealth, a corporate member of the IFP, says Elevate offers over 1,600 clean share class funds on the platform.

David Thompson, managing director, AXA Wealth Elevate, said: "Continuing to increase the growth of assets on the Elevate platform is testament to the support we have received from advisers. With the new, clearer pricing model, the introduction of clean share classes, and the usability enhancements we have made to the service, we expect further growth during 2013.

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"There are now over 1,600 clean share classes available for advisers via the Elevate platform, which puts us in a very competitive position given the recent tax changes to rebates. We expect the popularity of this share class to increase dramatically as advisers can invest with confidence that new money will not be taxed. We also believe customers will want to migrate to clean share classes as quickly as possible.

"Some platforms are heavily reliant on rebates and legacy income arrangements. The latest news from HMRC, ahead of the expected platform paper, sounds the death knell for old fashioned business models. Although we would expect access to any enhanced clean share classes offered by asset managers we believe the industry should now embrace transparency, not seek to muddy the waters with further complexity."

Elevate was launched to whole of market in November 2008 as a stand-alone business, outside of the AXA life and pensions company, before it was fully integrated into the AXA Wealth business in Q1 2010. Assets under management have grown from £320m in Q1 2010 to £3.5bn by the end of 2011 and have now hit £6bn.