Municipal and General Securities Company Ltd (M&G plc,) has revealed plans to acquire Sandringham Financial Partners, a provider of independent financial advice.
The acquisition, which is subject to regulatory approval, will bring more than £2.5bn 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.
John Foley, chief executive at M&G said that the deal “strengthens” M&G Wealth’s position in the UK savings and investment market. M&G Wealth was formed in September 2020 as a “new force” in the market for UK wealth management services.
Once the deal is completed Sandringham will sit within M&G Wealth alongside its existing advice, platform and investment businesses.
Foley said: “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.”