Axa Portfolio Services, the parent company of the Axa Elevate platform, has reported a pre-tax loss of GBP29.9 million for the year ending 31 December 2012, compared to a loss of GBP33.5 million reported for 2011.
Axa Portfolio Services reported that new sales, through the Elevate platform, increased by 17% to reach GBP1.7 billion over the year 2012. The year-on-year growth in assets resulted in a 36% increase in management fees for the platform.
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The company invested GBP12.7 million on platform development over the course of 2012, as project costs rose 63% from GBP7.8 million in 2011.
Axa Portfolio Services stated that a loss was forecasted for 2012, partly due to the cost demands of both platform propositions.
"Management’s business plan for the company forecast a loss for the year ended 2012 which reflects the fact that the Elevate and Self Investor platforms are in a rapid growth phrase and have yet to reach the scale required to support the fixed costs of operating the business," said by the company in a statement.
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