The acquisition of Elevate makes Standard Life the third largest adviser platform based on retail assets, with combined assets under administration of £36.4bn.
Elevate advisers and their clients will have the opportunity to gain access to Standard Life's suite of propositions, including its investment hub, fully flexible SIPP and drawdown capability, as well as a range of investment solutions from Standard Life Investments and Standard Life Wealth.
Standard Life said the acquisition brings together two platforms to "create one of the largest and fastest growing adviser platform businesses in the UK" with net inflows of £5.7bn in 2015.
Barry O'Dwyer, Managing Director Corporate, Retail and Wholesale, Standard Life, said:
"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. 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, added:
"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."
