The head of newly-formed Axa Wealth says its Elevate platform will hit the profitability mark of £7bn AUM within three years and emerge victorious from the current "platform battle".
Speaking after Axa completed the sale of its traditional life and pensions business to Resolution for £2.75bn, Axa Wealth chief executive Mike Kellard says the trimmed-down company will now focus on its multi-manager offering Architas and Elevate platform. "In three years time, we will be one of the winners in the platform battle," he says. "We are looking to break through the profitability point of £7bn by 2013 and hopefully before then." The platform currently has over £1bn in AUM with around 800 adviser firms signed up. Kellard thinks the future platform market will be dominated...
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