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.
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.
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Mona Patel, Group Head of External Communications
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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.
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.
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.