AXA UK is selling its execution-only AXA Self Investor and adviser-focused Elevate platforms to Standard Life (SL.)
The two companies have not disclosed how much Standard Life paid for the businesses, with various estimates ranging between £50m and £250m.
Elevate, which operates through independent financial advisers (IFAs), currently has 160,000 customers and manages £9.8bn of assets. The acquisition will see Standard Life's platform business grow to £36.4bn in assets under administration and 350,000 customers.