The 26% jump in FUM came on the back of the largest monthly inflows into the platform during March. got a lift from April’s pension reforms, which helped push funds under management to 26% higher during the quarter, £10bn during the first quarter.
Mike Kellard, AXA Wealth CEO, said: ““I am very keen to see how consumers react to the changes over the coming months. At the moment we are seeing a lot of interest in the new options we are offering, particularly as we were one of only a few companies that were ‘pension freedom ready’ across our entire suite, including pensions and drawdown, before 6 April.”
The group also saw a 10% increase in total assets into Architas, while, pension sales rose 8% to £103m.
Overall, Axa Wealth’s funds under management rose 13% in the first quarter to £29.1bn, while total retail sales during the period rose 16% to £876m.
