The company’s wrap platform business represented 40% of all sales, up from 21% over the same period 2010 and totaling £772m, while total platform assets under administration at the end of Q2 was £2.9bn.
Axa Wealth sales grew to £1.9bn following strong results from not only its wrap platform, but also Architas, the firm’s specialist investment company, with total assets up 48% to £8.6bn.
Total assets under management (AUM) at Axa Wealth have also risen to £18.9 billion from £15.6bn – some 21% – in the past 12 months.
Funds under management for individual off-platform pension products also grew from £4.1bn to £4.8bn.
The company said strong bancassurance partnerships with Clydesdale and Yorkshire Banks and Britannia Building Society also helped grow volumes by 25% to £210m.
Last month, the company also won a seven-year bancassurance contract with Co-operative Bank to provide its five million retail banking customers with financial advice.
Over the period, offshore bonds sales slumped 4% to £546m. The company said its Isle of Man and Dublin-based offshore business – Axa Wealth International – suffered largely from increasing price competition.
“Axa Wealth has continued its strong start to 2011, with further significant growth in on-platform sales, and other strategic product areas including pensions and bonds,” Axa Wealth CEO Mike Kellard said.
“Axa Wealth has set ambitious targets to meet by 2015, in particular to triple its assets under management,” he said.
