M&G’s purchase of Royal London’s adviser platform Ascentric for an undisclosed fee was revealed this morning and the firm has set out some of its plans for the £14bn assets under administration technology.
The firm said its motive behind the acquisition was in line with its growth strategy for the UK retail savings market where it "sees demand for advice and reliable investment solutions growing because of the shift to self-provision for retirement," according to M&G chief customer and distribution officer David Macmillan. Macmillan also said Prudential's With Profits fund, which was £76.8bn at 31 March 2020 and is part of M&G, would remain a separate proposition to the Ascentric platform, confirming it is "not migrating anything to or from either party… they are complementary". He adde...
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