Thu, 28 May 2020 | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth management platform Ascentric from Royal London for an undisclosed sum. The sale follows an overhaul of pension and insurance firm Royal London by new chief executive Barry O’Dwyer as well as a re-platforming of Ascentric in 2019.
The deal, which is awaiting regulatory approval, will bring £14 billion of assets under administration to M&G, along with 1,500 adviser customers and 90,000 of their clients.
Barry O’Dwyer commented: “As part of our strategic review of the business, we explored a number of options for Ascentric. The business has been performing well following its re-platforming and we sought an outcome that would take it to its next phase of growth.”
Describing the sale as a “compelling transaction”, Ascentric CEO Rob Regan said: “It is very clear that M&G is aligned with our values and ethos and represents a good home for our advisers, strategic partners, and staff. M&G is well-placed to take us on the next stage of our journey leveraging its scale to grow the business.”
If approved, the deal will give M&G the ability to offer third-party discretionary fund management services, individual savings accounts (ISA), self-invested personal pensions (SIPP), as well as general investment account (GIA) wrappers via a single system.
M&G, which spun off from Prudential in 2019, has £352 billion in assets under management. M&G chief executive John Foley commented: "This deal strengthens our position in the UK savings and investment market, complementing our existing offering to advisers and customers with a well-established digital wealth management platform.”
"Ascentric's platform will also accelerate our ability to provide a wider range of M&G and Prudential investment solutions to more customers, through the tax wrappers and service propositions they favour. Advisers will also benefit as we invest to grow the platform.”
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This practice, established for over 16 years, is available for sale. Offering premises Leased from own property company with capacity for 15 additional staff.
This practice, which was established over 40 years is available for acquisition due to retirement. The practitioner would be available to assist in the transition period to ensure a smooth handover of clients.
This practice, which was established in the 1980s, is available for sale due to retirement. The partners have flexible requirements. Ideally all of them would like to stay on, in some form, for varying time frames.
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