Following the release of Axa Wealth’s H1 2015 results, Mike Foy, managing director at the company’s international division, said increasingly fluid distribution conditions, the anticipation of the general election, and the new pension freedoms have created a level of uncertainty that “has not been conducive to UK offshore market growth”.
However, he remains optimistic that the second half of the year and 2016 will see stability and positivity return to the industry.
“The first solely Conservative Budget for over 18 years has outlined how the UK Government plans to deliver a continued economic recovery in the coming months and years,” he said.
“We also expect to see consistency from a taxation point of view and welcome the greater clarity of what the future holds for inheritance tax planning in particular. These can be seen as positive steps for the industry.”
The wider Axa Wealth group saw its fund under management grow 9% to reach £28.8bn over the last 12 months, while retail sales rose by 3% to reach £1.8bn.
Meanwhile, its wrap platform saw FuM total £10bn, up 20% from £8.4bn, while FuM for its SIPP and investment platform grew by 4% to £18.2bn.
Assets also increased for the group’s multi-manager investment business, Architas, up 5% from £13.3bn to £14bn.
Chief executive, Mike Kellard, said: “While markets have been highly volatile this year, we are very pleased with our progress over the past year.
“Providing access to all of the pension freedoms for advisers and their clients was our main priority and I am very pleased that we were able to offer them across our pensions range.”
He added that the company’s priority for the rest of the year and the beginning of 2016 is to invest “heavily” in its service model, which it has already invested over £2m into.