Axa Wealth reported record inflows to its wrap platform Elevate in the month before the 6 April introduction of widespread pension reforms, taking total assets beyond £10bn and pushing the group's overall funds under management (FUM) closer to the £30bn mark.
The company said Elevate saw the largest ever monthly inflows in March - boosting assets from £7.9bn in Q1 2014 to £10bn in the corresponding quarter this year - while funds for its specialist SIPP and investment platform grew 8% to £18.5bn in the same period. Elsewhere, Axa's multi-manager investment business Architas welcomed a 10% increase in total assets in the 12 months, reaching £14.3bn at the end of Q1 this year. The growth helped increase Axa Wealth's overall FUM by 13% from £25.7bn in Q1 2014 to £29.1bn at Q1 2015. Total retail sales on single premium business over the period...
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