AXA Wealth, an Institute of Financial Planning sponsor, has reached £4bn in assets on its platform.

The firm’s Elevate wrap platform was launched in 2008 before becoming fully integrated with AXA Wealth in 2010.

Assets stood at £3.5bn at the end of 2011 and have since grown by 14 per cent to over £4bn this year.

A cause of growth was the disposal of non-core legacy business to Friends Life.

David Thompson, managing director of distribution and marketing at AXA Wealth, said: “While we now have a fast-growing platform, it was the sale of our legacy book and the bringing of Elevate into the AXA Wealth business that helped us focus our platform strategy.

“While some companies are still juggling the challenge of old and new books of business, AXA Wealth is able to devote all its attention to making its new model approach a success. This focus has helped us grow assets to £4bn in half the time of many other platforms.”

In February, the firm reached an agreement with wealth management admin provider FNZ to help accelerate platform development.

AXA Wealth is the second platform to record £4bn in assets. Earlier this month Ascentric announced £4bn in assets under administration on its platform.