M&G plc (LON:MNG) has announced the completion of its acquisition of the UK Wealth Management platform Ascentric from the Royal London Group.
The acquisition, which was announced in May, is part of M&G’s strategy to grow its business and expand its range of services for financial advisers and their clients. Ascentric’s well-established digital wealth management platform will complement and strengthen M&G’s position in the UK savings market where the company sees demand for advice and investment solutions continuing to grow.
The acquisition brings £15.5 billion of assets under administration to M&G as well as relationships with more than 1,500 UK advisory firms acting on behalf of over 90,000 individual customers.
Chief Executive, Rob Regan, will continue to lead Ascentric, sitting on the Customer and Distribution leadership team led by M&G Chief Customer and Distribution Officer, David Macmillan.
The FCA has approved the change in control of Ascentric.
