Edinburgh-based Standard Life said it completed the acquisition of AXA Portfolio Services — which trades as Elevate — from AXA UK plc following Financial Conduct Authority consent.

“The acquisition of Elevate brings together two award-winning platforms to create one of the largest and fastest growing adviser platform businesses in the UK with assets under administration of more than £40 billion and net inflows of £5.1 billion in the last 12 months,” said Standard Life.

In total, the two platforms support over 3,000 adviser businesses and 360,000 customers.

Barry O’Dwyer, CEO, Standard Life Savings Ltd, said: “We look forward to welcoming advisers, their clients and our new colleagues to Standard Life.

“I am delighted that we have completed the acquisition of Elevate within the timescales we anticipated and this milestone means we are now able to engage with Elevate advisers to agree how best to work with them going forward.”

David Tiller, Standard Life’s 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.

“Elevate provides highly rated and multi-award winning platform services to a large number of advisers we do not currently have a close relationship with.

“Last week the adviser consultation programme was launched, and we hope to talk to as many of the Elevate advisers 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.”