First half results published this morning show sales of offshore bonds increased from £345m in the first half of 2012 to £380m this year – a 10% rise. This is despite the company recording a 5% drop in sales during the first quarter of this year.
Mike Foy, managing director of Axa Wealth International said: “The AXA Wealth International business was well positioned for the changes introduced by RDR and advisers are responding positively to our proposition.
Sales of our offshore bonds, which are able to facilitate a wide range of adviser charges post-RDR, increased 10% on the same period last year, up from £345m to £380m.”
In May this year, Axa restructured its UK based offshore sales team, repositioning it to focus more heavily on relationships with platforms and banks. According to Foy, this strategy is beginning to pay off.
“We have also seen sales of offshore bonds on platforms increasing, particularly at lower premium levels, as advisers and investors seek greater asset diversity and efficient tax management,” he said.
Overall, Axa said offshore assets under management grew by 9% from £8bn at the end of H1 2012 to £8.8bn at the end of June this year. Meanwhile, pensions and onshore bonds AUM grew by 20%
“AXA Wealth International continues to enjoy a significant market share in the offshore space and our figures have been broadly in line with the rest of the market,” added Foy.
