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Insurer looking to buy wrap business

Standard Life may bid for Axa wealth platform

Standard LifeStandard Life is believed to have made a bid to acquire Axa’s Elevate online investment platform.

The French insurer is looking to sell its UK life insurance and wealth investment units and, according to the Bloomberg agency, it may sell of parts of the business separately which could raise £700 million.

Axa Portfolio Services, trading as the Elevate platform, was launched in 2008 as art of the AXA Wealth business. At the end of 2015 it had £10.5 billion of assets under administration.

Royal London is said to be interested in Axa’s UK protection business which includes SunLife, the direct-to-consumer business aimed at the over-50s market.

Standard Life has declined to comment.

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