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!
This is a thriving, well-established high street solicitor’s practice, located in a young up-and-coming South West London borough. The practice is located on a prosperous high street, a stone throw away from bars, restaurants and local amenities. The...
This Practice is situated virtually in the centre of this market town which has a population of around 17,500 and is on the main line rail network which connects through Plymouth, Exeter, Taunton and Bristol to Reading and London. This is a practice...
The Practice was established by the two present Partners in 1983. The Partners wish to retire although they are prepared to discuss individually proposals to continue working for an agreed time after disposal to assist with the transfer of the goodwi...
18
|
Mar
|
Utilities group Beauparc acquires Sheffield waste management firm | BUSINESS SALE
Beauparc, a Dublin-headquartered utilities provider, has acq...
18
|
Mar
|
Derbyshire flag printing firm set to fall into administration | ADMINISTRATION
A Derbyshire-headquartered flag printing and branding busine...
18
|
Mar
|
Rescue deal saves Blackburn custom clothing firm | BUSINESS SALE
A Blackburn-based custom clothing company that fell into adm...
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
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.