The move means that Standard Life adds over 160,000 customers and assets under administration of £9.8bn.
Standard Life said the deal would “create one of the largest and fastest growing adviser platform businesses in the UK with net inflows of £5.7bn in 2015”.
Combined assets under administration were reported as £36.4bn, with 350,000 customers, and net asset inflows of £5.7 billion in 2015.
Barry O’Dwyer, managing director corporate, retail and wholesale, Standard Life said: “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.”
The acquisition expands the nationwide coverage of Standard Life’s platform and enhances its ability to attract and support the growth of advice firms, the company said.
Advisers will also benefit from the technical and consultancy expertise of the enlarged business and the potential to access Standard Life’s discounts from some of the UK’s leading fund managers, it added in a statement.
Mr O’Dwyer added: “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.”
AXA UK is also in discussion to sell many of its other UK life and savings businesses, it revealed this morning.
It had been widely speculated recently that AXA was about to sell off Elevate but the full extent of the sell off of UK businesses was not expected.
The French-owned company says the transaction follows the announcement made in April that it would sell off its UK offshore investment bonds business based on the Isle of Man.