The UK-based asset manager was given the green light to buy AXA's Elevate.

Standard Life Investments has acquired AXA Portfolio Services, trading under Elevate, for an undisclosed sum following regulatory approval.

The acquisition combines two UK-based platforms to create a unified platform provider for over 3,000 advisors with more than £40 billion ($49 billion) of assets under administration.

“I am delighted that we have now completed the acquisition of Elevate within the timescales we anticipated and this milestone means we are now able to engage with Elevate advisors to agree how best to work with them going forward,” said Barry O’Dwyer, chief executive of Standard Life Savings. 

David Tiller, Standard Life Investments’ head of advisor and wealth manager propositions, said: “We hope to talk to as many of the Elevate advisors as possible over the coming months to gain insight and feedback. This will help us to prioritise the things they value most, allowing us to evolve their proposition to support their businesses and their clients while delivering a sustainable platform.”