Standard Life snaps up Axa’s Elevate
Standard Life has today agreed to buy Elevate, Axa's wrap platform aimed at investors.
The move will see Standard Life gain over 150,000 customers and £9.8bn worth of assets under administration.
Standard Life will be purchasing the platform through subsidiary Standard Life Savings, using cash to acquire the entire share capital of Elevate, which is the trading name for Axa Portfolio Services, from Axa UK.
"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 Barry O’Dwyer, managing director of corporate, retail and wholesale at Standard Life. "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, head of adviser and wealth manager propositions at Standard Life, added: "This acquisition is a clear sign of our continued 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."
Shares in Standard Life were trading up 0.3 per cent at 320.7p shortly before 9am London time. Meanwhile, shares in Axa, which is listed on the exchange in Paris, where trading up 0.3 per cent at €22.12.
Standard Life's announcement is the second acquisition in the pensions and long-term savings arena in as many days, after Aegon revealed that it was buying BlackRock's UK Defined Contribution platform yesterday.