Standard Life has completed its acquisition of AXA Portfolio Services, trading as Elevate, from AXA UK.
The acquisition of Elevate creates one of the largest and fastest growing adviser platform businesses in the UK with AUA of over GBP40 billion and net inflows of GBP5.1 billion in the last 12 months.
In total, the two platforms support over 3,000 adviser businesses and 360,000 customers.
Barry O’Dwyer, CEO, Standard Life Savings, says: “We look forward to welcoming advisers, their clients and our new colleagues to Standard Life. I am delighted that we have completed the acquisition of Elevate within the timescales we anticipated and this milestone means we are now able to engage with Elevate advisers to agree how best to work with them going forward.”
David Tiller, Standard Life’s head of adviser and wealth manager propositions, says: “This acquisition is a clear sign of our continued commitment to lead the UK adviser platform market. Elevate provides highly rated and multi-award winning platform services to a large number of advisers we do not currently have a close relationship with.
“Last week the adviser consultation programme was launched, and we hope to talk to as many of the Elevate advisers as possible over the coming months to gain insight and feedback. This will help us to prioritise the things they value most, allowing us to evolve their proposition to support their businesses and their clients while delivering a sustainable platform.”
