M&G plc completes acquisition of Ascentric

RNS Number : 5444X

M&G PLC

01 September 2020

 

M&G plc NEWS RELEASE
1 September 2020

M&G plc completes acquisition of Ascentric

M&G plc (M&G) today announces the completion of its acquisition of the UK Wealth Management platform Ascentric from the Royal London Group.

The acquisition, which was announced in May, is part of M&G's strategy to grow its business and expand its range of services for financial advisers and their clients. Ascentric's well-established digital wealth management platform will complement and strengthen M&G's position in the UK savings market where the company sees demand for advice and investment solutions continuing to grow.   

The acquisition brings £15.5 billion of assets under administration to M&G as well as relationships with more than 1,500 UK advisory firms acting on behalf of over 90,000 individual customers.

Chief Executive (CEO), Rob Regan, will continue to lead Ascentric, sitting on the Customer and Distribution leadership team led by M&G Chief Customer and Distribution Officer, David Macmillan.

The FCA has approved the change in control of Ascentric.

-ENDS-

Enquiries:

Media		Investors/Analysts
Jonathan Miller	[phone]	Spencer Horgan	[phone]
Sophie Redburn	[phone]

About M&G plc

M&G plc is an international savings and investments business, managing money for both individual savers and institutional investors in 28 markets. As at 30 June 2020, we had £339 billion of assets under management and administration, around 5 million retail customers and more than 800 institutional clients.

With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our savings and insurance customers under the Prudential brand in the UK and Europe and for asset management in South Africa, and under the M&G Investments brand for asset management clients globally.

LEI: 254900TWUJUQ44TQJY84

 

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