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.”
View the latest distressed UK businesses here.
Find businesses for sale here.
If you are looking for an exit, we can help!
Provides a comprehensive range of services, including bid management, writing and review, tender sourcing, solution design and staff training.
LEASEHOLD
Due to significantly exceed its pre-pandemic levels of business. The company specialises in the development of a range of revision and training aids for a wide variety of platforms.
LEASEHOLD
Achieved turnover of £1.6 million. Renowned for providing expert services for high-profile, high value incidents for clients, including significant international catastrophes.
RELOCATABLE
|
04
|
|
Mar
|
£5m turnover packaging software firm sold for £12.5m | BUSINESS SALE
Cheshire-based packaging software firm AutoCoding Systems Lt...
|
04
|
|
Mar
|
New Scientist sold to DMGT on 10x multiple | BUSINESS SALE
Leading science magazine New Scientist has been sold to publ...
|
03
|
|
Mar
|
Spring Budget 2021: The M&A Outlook | BUSINESS NEWS
Chancellor Rishi Sunak has today delivered his long-awaited ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
28
|
|
Sep
|
Life insurer LV= in talks over potential takeover | BUSINESS NEWS
Mutually-owned life insurer LV= has confirmed that it is in ...
|
01
|
|
Sep
|
M&G completes acquisition of Royal London’s Ascentric | BUSINESS SALE
Investment management firm M&G has completed its acquisition...
|
27
|
|
Nov
|
LondonMetric Property sells retail park and buys 37-acre site | COMMERCIAL PROPERTY
LondonMetric Property plc, a company focused on investing in...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources