Standard Life completes acquisition of Elevate

  • Enhancing Standard Life's position as a leading platform provider for advisers with AUA of over £40bn
  • Bringing together the distribution reach and capabilities of two award-winning adviser platforms
  • Supporting over 3,000 adviser businesses to meet the evolving needs of their clients

Standard Life today announces the successful completion of its acquisition of AXA Portfolio Services Ltd (trading as "Elevate") from AXA UK plc. This follows Financial Conduct Authority consent to the proposed change in control.

The acquisition of Elevate brings together two award-winning platforms to create one of the largest and fastest growing adviser platform businesses in the UK with AUA of over £40bn and net inflows of £5.1bn in the last 12 months*. In total, the two platforms support over 3,000 adviser businesses and 360,000 customers.

Barry O'Dwyer, CEO, Standard Life Savings Ltd, said:

"We look forward to welcoming advisers, their clients and our new colleagues to Standard Life. I am delighted that we have completed the acquisition of Elevate within the timescales we anticipated and this milestone means we are now able to engage with Elevate advisers to agree how best to work with them going forward."

David Tiller, Standard Life's Head of Adviser and Wealth Manager Propositions, said:

"This acquisition is a clear sign of our continued commitment to lead the UK adviser platform market. Elevate provides highly rated and multi-award winning platform services to a large number of advisers we do not currently have a close relationship with.

"Last week the adviser consultation programme was launched, and we hope to talk to as many of the Elevate advisers as possible over the coming months to gain insight and feedback. This will help us to prioritise the things they value most, allowing us to evolve their proposition to support their businesses and their clients while delivering a sustainable platform."

*Figures to 30 September 2016

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Media enquires

For further information, contact:

Patricia Corrigan
Direct: 0131 245 5916
Mobile: 0771 092 4558
patricia_corrigan@standardlife.com

Notes to editors

About Standard Life

  • Standard Life was established in Edinburgh in 1825. Today it is a global investment company helping people to invest and manage their money.
  • Around 4.5 million customers and clients across 46 countries trust Standard Life with their financial future and Standard Life is responsible for the administration of £328 billion of their assets. Standard Life also supports over 25 million customers through Indian and Chinese associate and joint venture businesses.
  • Standard Life Investments actively manages £269 billion worldwide, offering global asset management expertise with strong investment capabilities and performance.
  • Standard Life employs around 6,500 people internationally – through businesses in the UK, Europe, North America, Asia and Australia.
  • Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders and is one of the top 500 companies worldwide, by revenue, as listed in the 2015 Fortune Global 500.
  • Wherever Standard Life operates in the world, it is motivated by a sense of responsibility. That is what has helped it be a sustainable business over the long term. Standard Life is proud to be listed as a leader for corporate sustainability in its industry in the Dow Jones Sustainability Indices (DJSI World and DJSI Europe).
  • You can follow Standard Life on www.twitter.com/StandardLifeplc

All figures in notes to editors are at 30 June 2016 unless stated otherwise

About Standard Life Wrap

  • Since launching in 2006, Standard Life Wrap has helped advisers transform their service to clients and adapt to the changing regulatory landscape. Standard Life Wrap has been adopted by over 1,500 financial advice and wealth management firms and serves over 200,000 customers.
  • Total Standard Life Wrap platform assets under administration are £30.3bn including net inflows of £3.0bn in the first nine months of 2016.
  • For the third year in a row, Standard Life Wrap was voted "Best Platform Provider (AUM over £12.5bn in 2014 and 2015, and AUM over £15bn in 2016)" by the adviser community at the prestigious UK Platform Awards 2016.

All figures are at 30 September 2016 unless stated otherwise

About Elevate

  • Elevate, supports over 2,000 financial advice and wealth management firms in managing SIPPs, ISAs and other investments. It serves 160,000 customers, providing access to over 5,000 funds from over 130 fund managers. Elevate has £11.0bn of assets under administration and has consistently delivered gross inflows in excess of £2bn p.a. since 2010. Net inflows in the first nine months of 2016 were £0.6bn.
  • Elevate offers the 'superclean' share classes for Architas funds, which will also be added to the Standard Life platform to ensure this preferential pricing for Architas funds is consistent for advisers.
  • The platform was voted "Best Platform Provider (AUM up to £15 billion)" by advisers at the UK Platform Awards 2016 for the second year in a row and the “Best Platform for Adviser Service”.

All figures are at 30 September 2016 unless stated otherwise

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