View more on these topics

Standard Life confirms redundancies after Elevate acquisition

Former Elevate distribution director among redundancies as Standard Life moves forward with platform integration

Exit-Man-Door-Depart-Leave-700.jpgStandard Life has confirmed a handful of voluntary redundancies across the Standard Life and Elevate sales teams after the provider acquired the Axa platform.

Five people, including at least three management level staff, have taken voluntary redundancy, Money Marketing has learned.

Three of those to have taken voluntary redundancy are understood to be former Elevate distribution director Andy Bailey, Elevate head of strategic partnerships Nick Lee and Elevate regional sales manager Jon Haslam.

All were staff at the legacy Axa business, but it is unclear whether the other redundancies have come from Elevate or the Standard Life Wrap.

Standard Life has said it will run both of the platforms separately after completing the acquisition late last year.

Commenting on the staff changes, a Standard Life spokeswoman says: “At the start of the year we reviewed our regional sales teams to ensure our adviser propositions were aligned and integrated well within our pensions and savings business.”

She adds: “This is part of our efforts to always ensure we’re set up in the best possible way to support advisers and their clients, which is core to delivering on our strategy for our pensions and savings business.”

Standard Life boss: ‘No reason’ for advisers to abandon Elevate platform

Money Marketing understands the voluntary redundancies are unrelated to the proposed merger between Standard Life and Aberdeen.

In prospectus documents released in May it was estimated 800 jobs would be cut from the combined businesses in the three years following the proposed merger.

Recommended

Technology-Binary-Data-Tech-Code-700.jpg
2

Crunching the numbers on Elevate’s repricing

Standard Life revealed exactly how it would charge new and existing Elevate users this morning. Having completed the platform purchase off Axa in November, Standard Life said existing users would pay exactly the same, but costs for new customers would be changed. Here’s what the new prices look like: New customers will face an average […]

Tiller-David-Standard-Life-2013-700x450.jpg

Standard Life backs Elevate as standalone platform

Standard Life says Elevate will continue to operate as a separate platform from its existing Wrap offering following adviser feedback. Standard Life’s acquisition of the former Axa platform completed earlier this month, with the deal creating the largest adviser platform by assets with combined assets under administration of £38.4bn as at the end of March. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment