£40bn asset manager created

Standard Life completes Elevate deal

Standard LifeStandard Life has completed the acquisition of AXA Portfolio Services following Financial Conduct Authority consent.

The acquisition brings together two platforms to create one of the largest and fastest growing adviser businesses in the UK. It will have more than £40 billion of assets under administration and net inflows of £5.1bn in the 12 months to the end of September.

In total, the two platforms support more than 3,000 adviser businesses and 360,000 customers. 

Barry O’Dwyer, chief executive of Standard Life Savings, said: “We look forward to welcoming advisers, their clients and our new colleagues to Standard Life. I am delighted that we have completed the acquisition of Elevate within the timescales we anticipated and this milestone means we are now able to engage with Elevate advisers to agree how best to work with them going forward.”

David Tiller, Standard Life’s head of adviser and wealth manager propositions, said: “This acquisition is a clear sign of our continued commitment to lead the UK adviser platform market.

“Last week the adviser consultation programme was launched, and we hope to talk to as many of the Elevate advisers as possible over the coming months to gain insight and feedback. This will help us to prioritise the things they value most, allowing us to evolve their proposition to support their businesses and their clients while delivering a sustainable platform.”

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