M&G completes purchase of Ascentric platform from Royal London

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!


Share this article



Latest Businesses for Sale

Licensed Law Firm
Surrey, South East, UK

CLC licensed law firm based in Surrey looking for a sale due to retirement. Owner happy to stay on in short term for smooth handover. Work types are Residential Conveyancing, Wills & Probate and some Commercial Property matters. Offers invited.

Asking Price: Offers Invited
Turnover: £400,000

General Law Practice
Hertfordshire, South East, UK

Small general practice for sale based in Hertfordshire specialising in Commercial & Residential Conveyancing and Private Client with a small amount of litigation. SRA regulated, limited company structure. Looking to either sell the company or alterna...

Asking Price: Offers Invited
Turnover: £400,000

Productivity Improvement Consultancy
UK Wide

This long established and market leading company is the pre-eminent name in the UK for providing specialist productivity improvement across all business sectors and delivered globally. Its role is to help clients get more out of their businesses by r...

Asking Price: Offers Invited
Turnover: £2,900,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
10
 
Jul
 

Mobile phone supplier and recycler goes into administration | ADMINISTRATION

Mobile phone refurbishment company Redeem UK has gone into a...

 
09
 
Jul
 

John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS

Department store chain John Lewis has said that eight of its...

 
09
 
Jul
 

Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS

Chancellor Rishi Sunak has announced a £30 billion pla...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
27
 
Nov
 

LondonMetric Property sells retail park and buys 37-acre site | COMMERCIAL PROPERTY

LondonMetric Property plc, a company focused on investing in...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources