Standard Life Savings, a subsidiary of Standard Life, has agreed to take over Axa’s UK wealth management platform, known as AXA Elevate.
The deal, which is subject to regulatory approval, will add assets under administration (AUA) of £9.8bn and over 160,000 customers to Standard Life’s portfolio.
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The combined entity will be one of the UK’s largest adviser platform businesses, comprising AUA of £36.4bn, 350,000 customers, and net asset inflows of £5.7bn in 2015.
"The integration of the two platforms’ operations, leveraging their FNZ common platform services, will generate value for Standard Life’s shareholders," Standard Life said in a statement.
The transaction, financed through Standard Life’s existing cash resources, will allow Elevate advisers and their clients to get access to Standard Life’s investment hub, SIPP and drawdown capability, and other investment solutions from Standard Life Investments and Standard Life Wealth.
Standard Life managing director of corporate, retail and wholesale Barry O’Dwyer said: "We have a track record of successful acquisitions and an integration approach focussed on building a sustainable commercial model for the Elevate platform.
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By GlobalData"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.’
The agreement to offload the Elevate platform comes days after Axa’s announcement to sell its Isle of Man-based offshore investment firm to the Life Company Consolidation Group. The French insurer is also in talks to dispose its life insurance business SunLife in the UK.
