Axa completes platform and pensions arm sales

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Standard Life has completed its acquisition of Axa’s Elevate platform today, while Phoenix has also seen through its takeover of Axa’s pensions and protection businesses.

The completion of the two sales on the same day reduces the Axa brand in the UK to just multi-manager investment arm Architas, which has been rolled in to the firm’s wider global life and savings division.

Axa has also pulled out of offering capital guarantee products in the UK, while Axa Wealth chief executive Mike Kellard will also leave the business.

Standard Life has begun a consultation programme with advisers using the Elevate platform to prioritise what they want from the service.

Standard Life Savings chief executive Barry O’Dwyer, CEO says: “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.”

In a statement announcing its Axa acquisitions this morning, Phoenix provided no further details on its plans.