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Early move to RDR sees AXA Wealth sales soar 79%
by Alex Steger on May 07, 2013 at 07:57
AXA Wealth has seen sales increase by 79% to £1.6 billion in the first three months of 2013, compared to the same time in 2012, which the company attributed to its early move towards the retail distribution review (RDR) and adoption of adviser charging.
Assets on AXA’s wrap platform Elevate grew by 50% over the last year to hit £6 billion, boosted by increased IFA sales of £397 million in the first quarter of 2013.
For the three months ended 31 March 2013 Elevate’s assets were £6 billion, compared to £4 billion the same time last year.
IFA sales for the first three months of the year were up 28% from the equivalent period in 2012 to £397 million.
AXA Wealth’s Architas business saw assets increase 13% from £10.7 billion to £12.1 billion.
It said: 'These results indicate a strong first quarter for the business, which developed a tailored approach to market in the lead up to the RDR with a commercial focus developed for each of its core business areas, each of which were early to adopt adviser charging.'
Mike Kellard (pictured), AXA Wealth chief executive, said: ‘The AXA Wealth business was well prepared for the RDR which has given us a strong basis to continue to evolve and develop the business for the years ahead. This first quarter’s results show we are very well placed to continue achieving this.’
‘This quarter’s results are the first barometer of whether AXA Wealth’s RDR strategy has been successful, and overall it is a very pleasing picture.
‘Looking forward, I am feeling more optimistic than I was this time last year for the industry and for AXA Wealth.’
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