AXA reaches Summit with $3 billion
AXA’sSummit master trust has broken the $3 billion barrier for funds under management, after growing by $1 billion in just 12 months.
The financial administration service has experienced an average growth in business of 41 per cent in the past few years, and took two years to grow from the $1 billion to $2 billion mark.
Summit national manager Annette King says the growth rate of Summit master trust and its achievement in reaching $3 billion is not only a milestone for the business, but is critical to the administration service’s future success.
“With the portfolio administration services market currently facing a consolidating phase, scale is a critical success factor,” she says.
“This acceleration demonstrates the success of our business today, and its viability moving forward.”
Summit’s range of investment options include superannuation, pensions, non-superannuation investment plans, cash management trust and share trading facilities.
AUTHOR
Nicole Szollos
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
