M&G has bought UK pension and insurance mutual Royal London’s Ascentric ‘financial wrap’ platform business for an undisclosed price.
A financial wrap platform consolidates an investor’s investment portfolio and financial plans. The sale follows a comprehensive strategic review by Royal London’s chief executive Barry O’Dwyer.
According to O’Dwyer, selling the platform – which has £14 billion (€15.6 billion) of assets under administration – will take Ascentric to its “next phase of growth”.
“We believe that a sale to M&G delivers this for Ascentric and I am pleased to have found a buyer who has a strong commitment to Ascentric’s client and customer base and who is looking to further grow the business,” he said.
Rob Regan, chief executive of Ascentric, added that it was a “compelling transaction” for the platform.
Ascentric, which has been part of Royal London since 2007, has around 1,500 adviser relationships and over 90,000 underlying clients.
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