Share
Royal London announces sale of Ascentric
Royal London today announces the sale of its platform business, Ascentric, to M&G plc (M&G). The sale follows the completion of Ascentric’s re-platforming in 2019 and the conclusion of a comprehensive strategic review led by Royal London Chief Executive, Barry O’Dwyer.
Ascentric is a leading digital wrap and wealth management platform for advisers with assets under administration of £14bn, around 1,500 adviser relationships and over 90,000 underlying customers and has been part of Royal London since 2007.
Commenting on the sale, Barry 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. 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. I would like to thank the Ascentric team for their contribution to building a valuable business over the past years.
“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, Chief Executive 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.
Notes to Editor
- Ascentric is the trading name for the group of businesses sold, which includes Wrap IFA Services Limited and its subsidiaries.
- Royal London acquired a majority holding of Ascentric in 2007 and it became a wholly owned subsidiary of Royal London in 2014.
- Ascentric had £14bn AUA (unaudited) as at 31 March 2020.
- Pinsent Masons LLP served as Royal London’s legal counsel and Fenchurch Advisory Partners LLP served as Royal London’s financial advisors.
For further information please contact:
Mona Patel, Group Head of External Communications
- Email: Mona.patel@royallondon.com
- Tel: 0203 272 5133
- Mob: 07919 171964
Neil Millard, Manager Director, Rhizome Media Group
- Email: neil@rhizomemediagroup.com
- 07803 560 331
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.
About Ascentric
Ascentric is a digital wrap and wealth management platform, available exclusively to financial advisers and offers a fully integrated online investment management and dealing platform. It also enables advisers to transfer their clients’ assets onto a single platform to provide them with the ability to manage their clients’ financial needs in just one place.
About M&G
M&G plc is an international savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G Investments, the international asset manager. Following the completion of its demerger from Prudential plc, M&G plc’s shares were admitted to trading on the London Stock Exchange on 21 October 2019. As an independent company, M&G plc has a single corporate identity and continues with two customer-facing brands; Prudential for savings and insurance customers in the UK and Europe and for asset management in South Africa and M&G Investments for asset management clients globally.