FNZ is a technology, transaction and custody services provider.
The deal follows market research among advisers which found they wanted improved usability, efficient production maintenance, continuous proposition development and new initiatives from platforms.
The new contract will focus on enhancing the existing platform proposition by increasing the number of staff in the proposition team, revamping the interface used by advisers and enhancing the production maintenance unit focused on the Elevate platform.
Mike Kellard, chief executive of AXA Wealth, said: “We carried out a full review of Elevate’s future support requirements, and it became clear that if we are to continue to build on and further improve what we believe is a cutting-edge platform, the existing arrangements needed to be significantly enhanced.
“The new agreement will help shift Elevate to the next important level and help secure its position as a market-leading platform.”
Adrian Durham, chief executive of FNZ, said: “FNZ is very proud of the work we’ve carried out with AXA Wealth to date-helping to propel Elevate to one of the top platforms in the UK market.”
AXA Wealth hopes to benefit from the acquisition of FNZ by equity firm General Atlantic which was announced earlier this month.