M&G creates £28bn wealth management arm after Ascentric deal

M&G Wealth Management will comprise Ascentric - the platform business it acquired earlier in September from Royal London - along with its direct funds arm and two financial advice units, Prudential Financial Planning and The Advice Partnership (TAP).

David Montgomery has been appointed managing director of the new business, subject to regulatory approval.

He was previously chief operating officer for customer and distribution at M&G, having joined at the start of 2020 from US insurer Transamerica. He has also worked in senior positions at Royal Bank of Scotland and Aegon UK.

David Macmillan, chief customer and distribution officer at M&G, said the creation of M&G Wealth Management was part of the company's plan to grow its 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," Macmillan added.

"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."

TAP was launched in late 2019 to support self-employed financial advisers grow their businesses with the use of Prudential and M&G products and wrappers.

The restructure comes less than a year after the completion of M&G's demerger from Prudential, which was finalised on 21 October 2019.

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