1st Sep 2020 09:08
(Alliance News) - Savings and investments company M&G PLC on Tuesday said it has completed the acquisition of Royal London Mutual Insurance Society Ltd's platform business Ascentric.
The deal - first announced in May - will see M&G add GBP15.5 billion to its assets under management. At March 31, the blue chip investment firm held GBP323 billion in assets under administration.
No financial details of the deal were disclosed.
Ascentric is a digital wrap and wealth management platform for advisers with around 1,500 adviser relationships, and more than 90,000 underlying customers. It has been part of mutual insurer Royal London since 2007.
Current Ascentric Chief Executive Rob Regan, will continue to lead the business, and will sit on the Customer & Distribution leadership team led by M&G Chief Customer & Distribution Officer David Macmillan.
M&G noted the UK Financial Conduct Authority has approved the deal.
Shares in M&G were down 2.3% in London on Tuesday morning at 168.95 pence each.
By Paul McGowan; [email protected]
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