Axa & Winterthur Wealth Management has set up a new international offshore business proposition through Axa Isle of Man with plans to extend the group's offshore business into Europe and beyond.
In response to client demand, the new business unit will service British expatriates in Europe, the Middle East and the United Arab Emirates, with plans to extend the service globally in time.
The announcement comes as Kevin Dean is named chief executive and Mike Foy managing director of Axa Isle of Man. Dean retains overall responsibility for the offshore business but with the new focus of building the international programme. Foy was previously responsible for overseeing investment operations and strategic development.
Commenting on the initiative, Mike Kellard, chief executive of Axa & Winterthur Wealth Management, said: “Axa Isle of Man has seen tremendous growth over the past few years. The offshore business offers great benefits to clients and the new European plans will widen its offering to a new range of consumers.”
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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