Axa Wealth new business surges 34% in Q1

Axa Wealth has reported a 34% increase in new business for Q1, with business on its Elevate platform nearly doubling since Q4 2009.

New onshore bond business rose 20% while offshore bond sales were up 38% on the same period last year.

Sales & marketing managing director David Thompson says the bumper results indicate  the return of market confidence.

"Last year was a bad year for everyone but these results suggest things are improving. We have seen more confidence in consumer buying behaviour and the adviser community and a rally in the stock markets."

Thompson adds the positive results also reflect the rapid growth of Axa's new products, with its SIPP offering, The One from Winterthur, seeing business levels surge 183% compared to Q1 2009. Axa Family Suntrust rose 43% compared to Q4 2009.

The Elevate Pension Investment Account was also up 42% on the final quarter of last year.

Axa's Elevate platform also performed strongly, with new business as a whole up 47% compared to the last quarter of 2009.

Thompson says the number of advisers signing up to Elevate has surged since enhancements were added to the platform, including a discretionary fund management option and model portfolios.

Thompson also reveals Elevate is looking to expand its business development team - which deals with advisers - with a target of hiring between five and ten people over the next three months.

Financial backing from Axa, he adds, has played a significant part in Elevate's success.

"Ultimately, you need to continue developing a platform in terms of its functionality and so it is important to have a financially strong parent. Financial strength will continue to be an important platform selection criterion."