Mike Kellard, chief executive of AXA Wealth
AXA Wealth, a corporate member of the Institute of Financial Planning, has seen its assets on its Elevate platform rise by 51 per cent.
Elevate assets rose from £3.5bn at the end of 2011 to £5.3bn at the end of 2012, according to the firm's full-year results.
Total sales for Elevate rose by 17 per cent to £1.7bn with over half of AXA Wealth's business being placed on the platform. AXA Wealth's specialist investment company Architas saw assets increase by 20 per cent from £9.4bn to £11.3bn.
This growth meant AXA Wealth's overall assets under management rose from £18.9bn to £21.6bn.
However, overall sales fell from £3.7bn in 2011 to £3.3bn due to the focus of the firm and its clients being on ensuring RDR-readiness for 2013.
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Assets in the firm's specialist investment products sector, which includes Sipps and onshore and offshore bonds, grew "modestly". Offshore funds under management grew by seven per cent from £7.8bn to £8.3bn while pensions and onshore bonds assets under management grew by just three per cent.
Mike Kellard, chief executive of AXA Wealth, said the firm would benefit from its "tailored" to RDR in the future.
He said: "The AXA Wealth business was structured with the RDR in mind, with both our wrap business through Elevate, and specialist individual products business, built on a tailored model to support different customer groups. This approach is to ensure we offer strong service to our advisers with genuine focus, rather than a 'one size fits all' approach.
"While of course there is still uncertainty ahead, I think we will be in a strong position to support advisers in this new RDR world."
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