Standard Life has acquired AXA Portfolio Services, which trades as Elevate.
The consideration was not disclosed and the deal will be funded from Standard Life’s existing cash resources. It is subject to regulatory approval.
Standard Life gains over 160,000 customers and AUM of £9.8bn. The company said that the deal further enhances its position as a leading platform provider for advisers, increasing AUA to £36.4bn at 31 March 2016. It also said that the deal brings together two award-winning platforms to create one of the largest and fastest growing adviser platform businesses in the UK with net inflows of £5.7bn in 2015.
Managing Director Corporate, Retail and Wholesale, of Standard Life Barry O’Dwyer said: “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. We have a track record of successful acquisitions and an integration approach focussed on building a sustainable commercial model for the Elevate platform. Today’s announcement demonstrates further progress towards building a simplified and well diversified investment company by strengthening Standard Life’s leading position in one of our key growth channels.”
Head of Adviser and Wealth Manager Propositions David Tiller said: “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.”
“Identifying the right business is the key to success when bringing two propositions together – Elevate was an obvious choice for us. This acquisition combines two leading adviser platforms and will bring clear benefits to existing Standard Life Wrap and Elevate advisers alike.”