Paris-headquartered AXA is selling its wrap platform for financial advisors to the UK investment and savings company.

London-listed Standard Life has agreed to acquire Elevate, AXA's online investment platform for advisors, for an undisclosed sum.

Elevate supports over 1,500 financial advice and wealth management firms in managing self-invested personal pensions, individual savings accounts and other investments. It serves over 160,000 customers. The platform will be combined with Standard Life Wrap, which was launched a decade ago and has been adopted by over 1,400 financial advice and wealth management firms, serving over 190,000 customers.

The acquisition, which will be funded by Standard Life’s existing cash resources, is subject to certain conditions being met, including regulatory approvals. It will add over £9.8 billion ($14.2 billion) in assets to Standard Life, bringing total assets under administration to £36.4 billion. As part of the deal, Elevate advisors will be able to access a wider range of financial products, including those offered by Standard Life Investments and Standard Life Wealth.

“This acquisition is a clear sign of our continued commitment to lead the UK advisor platform market. It demonstrates to advisors that, as the market consolidates, supporting their businesses and meeting the evolving needs of their clients is central to the long-term strategy of Standard Life,” said Standard Life’s head of advisor and wealth manager propositions, David Tiller.

“Identifying the right business is the key to success when bringing two propositions together – Elevate was an obvious choice for us. This acquisition combines two leading advisor platforms and will bring clear benefits to existing Standard Life Wrap and Elevate advisors alike.”