Wealth management platform acquired by London investment manager for "next phase of growth"
A mutual insurer has today announced the sale of a platform business with assets worth £14bn.
Royal London, which offers life insurance, pensions and investments, has reported that it has completed the sale of wealth management platform Ascentric to London investment manager M&G.
The sale follows the completion of Ascentric’s re-platforming in 2019 and the conclusion of a strategic review.
Barry O’Dwyer, chief executive of Royal London, 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.
“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.
“I would like to thank the Ascentric team for their contribution to building a valuable business over the past years.
“At Royal London we still remain firmly committed to the adviser market as we drive through a major digital transformation programme and develop new capabilities to help advisers better meet the needs of their customers.”
Rob Regan, chief executive of Ascentric, added: “This is a compelling transaction for Ascentric.
“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.
“We look forward to working with M&G to support our clients and customers going forward as well as through the transition from Royal London’s ownership.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →