17th Feb 2022 09:20
(Alliance News) - M&G PLC on Thursday said it acquired an investment manager for its wealth division to expand its offering to include model portfolio services.
The London-based investment manager acquired Kent, England-based TCF Investment for an undisclosed amount. It will be rebranded as it becomes part of M&G Wealth. The deal has received approval from UK regulator the Financial Conduct Authority.
TCF's MAPS service caters to a variety of customers with different risk appetites with its collection of multi-asset model portfolios. MAPS will now be managed by M&G, which also will launch a new range of portfolios. TCF fees will be reduced from 0.35% and 0.25% per annum to 0.15%.
"MAPS will continue to be available on other wealth platforms with existing bespoke adviser models supported and offered to new firms," M&G said.
TCF joint founders, David Norman and Gary Mairs, will leave the business later this year, to be replaced by Shanti Kelemen, chief investment officer of M&G Wealth.
"TCF Investment has an excellent long-term performance track record and a scalable platform for the management of model portfolios. This complements M&G PLC's existing investment capability and accelerates our ability to offer model portfolios. It will allow us to bring new services to market, through all our distribution channels quickly," Keleman said.
Shares in M&G were down 0.9% to 214.40 pence each in London on Thursday morning.
By Elizabeth Winter; [email protected]
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