Ascentric is a digital wrap and wealth management platform for advisers with assets under administration of £14bn.
It currently wields around 1,500 adviser relationships, and over 90,000 underlying customers, and has been a part of Royal London since 2007.
O’Dwyer, said: “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.
He added: “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.
“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, CEO of Ascentric, said: “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.”
The deal is subject to regulatory approval.