Standard Life acquires AXA's Elevate

Standard Life added more than 160,000 new customers and £9.8bn of assets under administration on Wednesday, announcing the acquisition of Elevate from AXA UK.

The FTSE 100 firm said Elevate - registered as AXA Portfolio Services - would enhance its position as a platform provider for professional advisers, and increase its assets under administration to £36.4bn.

It was funding the acquisition from its existing cash resources, and it remained subject to certain conditions being met - including regulatory approval.

The amount being paid for Elevate was not immediately disclosed.

Standard Life said the new, combined group would create one of the UK’s largest adviser platforms with 350,000 customers and net asset inflows of £5.7bn in 2015.

It claimed the benefits of the acquisition and combination for customers and its shareholder would include the bringing together of two adviser platform businesses, the broadening of access to market-leading products and services, the combination of both Standard Life and Elevates distribution reach and capabilities, and driving performance and growth.

"I am excited about the opportunity to bring together two award winning adviser platforms at a time when the need for high quality advice has never been greater,” said Standard Life managing director for corporate, retail and wholesale Barry O’Dwyer.

“We have a track record of successful acquisitions and an integration approach focussed on building a sustainable commercial model for the Elevate platform.”

David Tiller, Standard Life’s head of adviser and wealth management propositions, said the acquisition is a clear sign of the group’s commitment to lead the UK adviser platform market.

“It demonstrates to advisers that, as the market consolidates, supporting their businesses and meeting the evolving needs of their clients is central to the long-term strategy of Standard Life.”

“This acquisition combines two leading adviser platforms and will bring clear benefits to existing Standard Life Wrap and Elevate advisers alike,” Tiller explained.