Standard Life acquires Elevate platform; Axa to sell pensions arm

Standard Life bought the platform from AXA UK through its subsidiary Standard Life Savings Limited, with the acquisition adding £9.8bn to the group's assets under administration. The purchase will be funded from Standard Life's existing cash resources and is subject to certain conditions being met, including regulatory approvals being obtained. The transaction creates one of the UK's largest adviser platform businesses with combined assets under administration of £36.4bn, 350,000 customers, and net asset inflows of £5.7bn in 2015. Axa has also confirmed it is in talks to sell off s...