SL: Elevate to be profitable 'in a few years'

Cost of acquisition: £31m

Tom Ellis
clock • 2 min read

Standard Life's newly acquired and hitherto loss-making Elevate platform will be profitable "in a few years' time", pensions and savings chief executive Paul Matthews has said.

He said the company had "a whole development program" for both its Elevate and Wrap platforms over the next five years. It had set aside £100m for the Elevate project alone - including the £31m it paid Axa UK for the platform last May. Elevate has been loss-making for a number of years and is still in the red now, Standard Life admitted in its results out on 24 February. But despite this, Matthews said: "Our estimation is a couple of years [for Elevate to be profitable]. This will be a profitable platform." He said the insurer was investing in the systems and processes to enhance t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Hoxton Capital AUM tops £1.3bn with double IFA acquisition

Hoxton Capital AUM tops £1.3bn with double IFA acquisition

Dudley and Guildford-based IFAs purchased

Isabel Baxter
clock 17 April 2024 • 1 min read
Tatton sees AUM reach £17.6bn as advice firm numbers grow

Tatton sees AUM reach £17.6bn as advice firm numbers grow

Discretionary fund manager records net flow increase of 28% to £2.3bn

Isabel Baxter
clock 16 April 2024 • 2 min read
New online platform launches for care-related advice

New online platform launches for care-related advice

To meet Consumer Duty and vulnerability regulatory expectations

Isabel Baxter
clock 16 April 2024 • 2 min read