Standard Life takes over Elevate to create UK’s largest adviser platform
Standard Life has announced the acquisition, through its subsidiary Standard Life Savings, of AXA Portfolio Services Limited (trading as Elevate) from AXA UK.
The deal will create one of the UK’s largest adviser platform businesses with combined assets under administration of £36.4bn, bring more than 160,000 customers to almost double Standard Life’s customer base to hit 350,000, and net asset inflows of £5.7 billion in 2015.
Edinburgh-based Standard Life said the move builds on its “existing strong organic growth in the UK pensions and savings market”.
The deal will be funded from Standard Life’s existing cash resources and is subject to certain conditions being met, including regulatory approvals being obtained.
The insurance giant said the new entity will deliver a number of benefits for customers and Standard Life’s shareholders, including:
Commenting on the acquisition, Barry O’Dwyer, managing director corporate, retail and wholesale at Standard Life, said: “I am excited about the opportunity to bring together two award winning adviser platforms at a time when the need for high quality advice has never been greater. We have a track record of successful acquisitions and an integration approach focussed on building a sustainable commercial model for the Elevate platform. 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.”
Standard Life’s David Tiller, head of adviser and wealth manager propositions, added: “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.
“Identifying the right business is the key to success when bringing two propositions together – Elevate was an obvious choice for us. This acquisition combines two leading adviser platforms and will bring clear benefits to existing Standard Life Wrap and Elevate advisers alike.”