Standard Life has completed a deal to acquire Axa Elevate for an undisclosed sum.
The deal will almost double Standard Life’s customer base, bringing more than 160,000 customers to the business, taking total clients to 350,000.
The combined business will also hold assets under administration of £36.4bn, which according to Platforum puts it behind only Cofunds at £77bn and FundsNetwork at £62bn.
The deal will also maintain Elevate’s discounted pricing for Axa’s Architas fund range, which will be added to the Standard Life platform.
Standard Life managing director of corporate, retail and wholesale Barry O’Dwyer says: “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 says: “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.”
As well as expanding the coverage of Standard Life’s platform, the deal will mean that Elevate advisers and their clients will gain access to Standard Life’s investment hub, flexible Sipp and drawdown offerings, as well as investment solutions from Standard Life Investments and Standard Life Wealth.