Standard Life acquires Axa's advisory platform business

Standard Life has moved to boost its advisory platform business by buying insurance group Axa's UK portfolio services arm Elevate for an undisclosed sum.

The transaction will give the group another 160,000 customers and increase assets under administration by £9.8bn.

The deal will create one of the UK's largest advisory platform businesses.

It will have combined assets under administration of £36.4bn and 350,000 customers.

Edinburgh-based Standard Life said the acquisition would be funded from its existing cash resources.

The deal is subject to regulatory approval.

Barry O'Dwyer, managing director for 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."