Standard Life Aberdeen  

Standard Life platform assets break £50bn

Standard Life platform assets break £50bn

Combined assets under administration on Standard Life’s adviser platforms have exceeded £50bn, around half that of main rival Aegon.

It comes after the platforms saw net inflows of £6.7bn over the 12 months to 30 September 2017.

David Tiller, head of adviser and wealth manager propositions at Standard Life said: “We have seen record inflows for both the Elevate and Wrap platforms in the year to date.

"This reflects the success of the adviser firms we do business with and demonstrates the importance of delivering an award-winning robust and reliable proposition to them and their clients.

“Elevate celebrated its first anniversary with Standard Life at the beginning of November and I am delighted with how the platform has performed in its first year with us. I want to thank the advisers for continuing to support us as we look to strengthen relationships further as the proposition develops.”

Elevate and Standard Life Wrap, which are used by more than 3,000 advice and wealth management firms, have total assets of £51.2bn.

This includes net inflows of £5.4bn in the first nine months of 2017.

Standard Life completed the acquisition of Elevate from Axa in November 2016 and later announced it would remain as a standalone platform.

Meanwhile Aegon has seen its platform assets reach £110bn after net inflows of £1.4bn.

Aegon bought Cofunds in August 2016 and is currently in the process of merging these two platforms.

This morning Adrian Grace, chief executive at Aegon, said only the biggest platforms will make a profit in the future.

He said: “It’s only those firms that are administering significant sums of money on behalf of advisers and their customers that will be able to generate a profit over the long-term.”