Elevate powers Axa Wealth AUM to £18bn

Axa Wealth platform sales on Elevate surged 140% in Q1, bringing total platform assets under administration to £2.5bn.

The group said platform business now accounts for 40% of all sales, up from 18% last year, after writing £374m worth of new business in the first three months of the year.

Total Axa Wealth sales grew to £950m in the first three months of the year, up from £852m in 2010, driven by Elevate and the group's multi-manager offering Architas.

The period also saw strong demand for offshore bonds via its AXA Wealth international offshore businesses.

Total assets under administration on Axa Wealth grew to £18.6bn, with Elevate contributing £2.5bn and pension and offshore bonds £4.7bn.

For the full year, Axa Wealth International total sales were up 8% to £254m and bancassurance volumes increased 23% to £91m in 2011 on the back of a rise in demand for specialist services from banks.

"Axa Wealth has had a strong start to 2011, with significant growth in on-platform sales," said Axa Wealth CEO Mike Kellard (pictured).

"This is partly a reflection of the shift by IFAs towards wrap, but also I believe the strength of our platform offer, and the changes we have made over recent months to enhance the adviser support and experience."

In February, Axa Wealth announced a restructure which saw its main distribution business aligned to the Elevate platform.

As part of the move,  Elevate front and back office activity transferred to Basingstoke enabling a single point of contact for IFAs.

The restructure also saw Martin Jennings step down from his role as Elevate managing director.