M&G has announced an agreement to acquire Sandringham Financial Partners, a fast-growing provider of independent financial advice.
The acquisition will bring more than £2.5 billion of assets under advice to M&G plc, as well as relationships with around 180 advising Partners acting on behalf of over 10,000 individual clients. The deal comes after a new acquisitions director, Tim Clark, was hired back in April.
John Foley, Chief Executive of M&G plc, says:
“This deal strengthens M&G Wealth’s position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national Independent Financial Adviser business.
“Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients.”
M&G Wealth was formed in September 2020 as a powerful new force in the fast-growing market for UK wealth management services. On completion Sandringham will sit within M&G Wealth alongside its existing advice, platform and investment businesses.
The deal is subject to regulatory approval.
David Montgomery, managing director at M&G Wealth, spoke about the acquisition:
“We see Sandringham as our growth opportunity to acquire and draw advisers into the network moving forward and Tim, the management team that is there, the brand etc will be the vehicle to do that.”
“Our ambition is to grow both our restricted advice business and Sandringham through the investment we are going to make and push up to 1,000 advisers overall,” said Montgomery.
He added: “When we were out speaking to advisers in the market about whether they would join a restricted advice business we found it doesn’t fit everybody’s desires as an adviser.
“They want to remain independent so we knew we then had to create that independent advice capability or network so we could attract advisers into that part of the network.”
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