Edinburgh-based pensions and investment firm Standard Life said it agreed to acquire AXA Portfolio Services Limited — which trades as Elevate — to further strengthen its position as a platform provider for financial advisers.

Standard Life said the deal — done through its subsidiary Standard Life Savings — creates “one of the UK’s largest adviser platform businesses with combined assets under administration of £36.4 billion, 350,000 customers, and net asset inflows of £5.7 billion in 2015.”

“I am excited about the opportunity to bring together two award winning adviser platforms at a time when the need for high quality advice has never been greater,” said Barry O’Dwyer, Standard Life’s managing director corporate, retail and wholesale.

“We have a track record of successful acquisitions and an integration approach focussed on building a sustainable commercial model for the Elevate platform. 

“Today’s announcement demonstrates further progress towards building a simplified and well diversified investment company by strengthening Standard Life’s leading position in one of our key growth channels.”

Standard Life’s David Tiller, head of adviser and wealth manager propositions, said: “This acquisition is a clear sign of our continued commitment to lead the UK adviser platform market.

“It demonstrates to advisers 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.

“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 adviser platforms and will bring clear benefits to existing Standard Life Wrap and Elevate advisers alike.”