Standard Life will gain over 150,000 new customers and £9.8 billion (€12.4 billion) in assets under administration after purchasing Axa’s Elevate platform.
Standard Life used its subsidiary Standard Life Savings to acquire the entire issued share capital of AXA Portfolio Services, known as Elevate from AXA UK. The acquisition is a cash deal and is subject to certain conditions being met, including regulatory approvals being obtained.
The deal will cement Standard Life’s position as a major adviser platform business, with combined assets under administration of £36.4bn, 350,000 customers, and net asset inflows of £5.7 billion last year.
“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,” said David Tiller, head of adviser and wealth manager propositions at Standard Life.
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