Standard Life confirms redundancies after Elevate acquisition

Standard Life has confirmed a handful of voluntary redundancies across the Standard Life and Elevate sales teams after the provider acquired the Axa platform.

Five people, including at least two management level staff, have taken voluntary redundancy, Fund Strategy sister publication Money Marketing has learned.

Two of those to have taken voluntary redundancy are understood to be former Elevate distribution director Andy Bailey and Elevate head of strategic partnerships Nick Lee.

Both were staff at the legacy Axa business, but it is unclear whether the other redundancies have come from Elevate or the Standard Life Wrap.

Standard Life has said it will run both of the platforms separately after completing the acquisition late last year.

Commenting on the staff changes, a Standard Life spokeswoman says: “At the start of the year we reviewed our regional sales teams to ensure our adviser propositions were aligned and integrated well within our pensions and savings business.”

She adds: “This is part of our efforts to always ensure we’re set up in the best possible way to support advisers and their clients, which is core to delivering on our strategy for our pensions and savings business.”

Money Marketing understands the voluntary redundancies are unrelated to the proposed merger between Standard Life and Aberdeen.

In prospectus documents released in May it was estimated 800 jobs would be cut from the combined businesses in the three years following the proposed merger.