Bosses at Standard Life were tight lipped today regarding media reports of a formal bid to acquire Axa’s Elevate.

Standard Life told Financial Planning Today that “we don’t comment on market speculation”, following the story this week. Axa aslo responded with “no comment”.

According to Bloomberg, which cited unnamed sources, described as “two people with knowledge of the matter”, Standard Life has been in talks over a possible takeover.

There has been speculation over AXA going back to last winter.

Speaking to sister publication Financial Planner magazine, for the November 2015 edition, AXA Wealth chief executive Mike Kellard said: “Rumours of this nature are not new and as an industry we should expect them, particularly if signs of market consolidation, and with it increased competition, hot up. AXA is a global company with hundreds of businesses around the world and to comment on any one is clearly not possible.

“If I say no now and then say something different in a year’s time, people will take it as confirmation. Therefore AXA’s policy is never to comment on rumour and speculation. What I say though is we agreed a plan with AXA Group in 2011, after the sale of AXA Life, for us to break even in 2014 and move into profitability through 2015; we’re now ahead of that target, along with all of our other financial targets.

“We’ve also just announced that we have been selected as the European multi-manager investment centre for AXA Group, with direct responsibility for around €30bn of multi-managed assets. This brings together the AXA Wealth Architas business with the private management businesses in France and Belgium as well as the AXA Investment Managers Multi-Manager business. A real vote of confidence in our investment management expertise.”