AXA Group's wealth management business boosted its funds under management by 11 per cent over 2014, according to its full-year results.

AXA Wealth has moved into profitability with an 11 per cent growth in funds under management, which rose £2.7 billion ($4.2 billion) over the course of 2014 to £28.2 billion, it reported in its full-year results.

The UK-based division of the AXA Group recorded £3.3 billion in total retail sales over the year. The business's wrap platform, Elevate, enjoyed a 24 per cent increase in funds under management, to £9.2 billion in 2014, up from £7.5 billion the previous year. Also building up assets was AXA Wealth's specialist investment house, Architas, which saw AuM rise 7 per cent to £13.6 billion, compared to £12.8 billion in 2013. 

AXA said Architas would continue investing in various distribution channels for its fund range, while Elevate would seek to improve its reporting and analysis through platform refinements.

The wealth management business further contextualised the steady year across its units in terms of improved fund ranges, as well as more competitive and transparent pricing. 

The business's efforts to become “pension reform-ready” for greater retirement flexibility bore fruits with an 18 per cent climb in pension sales to £477 million in 2014. AXA Wealth’s specialist retirement and investment range, which also covers offshore bonds, saw a 5 per cent rise in funds managed offshore, which stood at £9.4 billion at the end of the year.

“Not only did 2014 see huge changes for the retirement planning space, but our strong results saw AXA Wealth move into profitability, a reflection of the investment we have been making to our infrastructure, our distribution model and to making investing as easy as we can,” said AXA Wealth's chief executive, Mike Kellard.