M&G PLC (LON:M&G) said it has completed the acquisition of the Ascentric wealth management platform, adding £15.5bn of assets under administration to the group.
The purchase from Royal London Group, which has now been approved by the Financial Conduct Authority, brings relationships with more than 1,500 UK financial advisor firms.
M&G said the acquisition is part of a strategy to grow the business and expand its range of services for financial advisers and 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 FTSE 100-listed group said in a statement.
Last month M&G’s £191mln final offer for UK Mortgages Ltd was rejected by the investment trust’s board.