M&G is launching a wealth management division on the back of its recent acquisition of the Ascentric platform and a rising demand for advice among its UK customer base.
The asset manager said that M&G Wealth Management has been created with assets under management and administration totalling £28bn ($36bn, €30bn).
It comprises Ascentric, the platform acquired from Royal London in September, Prudential Financial Planning, The Advice Partnership (TAP) and the M&G Direct funds business.
Industry commentators previously told our sister publication Portfolio Adviser that the addition of Ascentric would help M&G play catch up in terms of distribution with other fund groups that have established adviser platforms.
M&G chief operating officer, customer and distribution, David Montgomery has been appointed as managing director of the wealth management business, subject to regulatory approval.
Montgomery has 10 years’ experience in financial services. He joined M&G from US insurer Transamerica at the beginning of the year. Previously, he held senior roles at Royal Bank of Scotland and Aegon UK.
M&G chief customer and distribution officer David Macmillan said: “The formation of this new division is part of our strategy to expand our service offering for advisers, their clients and our wider customer base in the UK.
“Demand for high quality advice and supporting wealth solutions is rising and we want to participate more actively in this growing market.
“We see a great opportunity to create something unique in the market and this announcement is the next step in a process that started with the launch of TAP and continued with our recent acquisition of Ascentric.”
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