M&G Plc, the insurance and investments business that demerged from Prudential Plc in 2019, is snapping up financial advice provider Sandringham Financial Partners for an undisclosed sum.
“This deal strengthens M&G Wealth’s position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national independent financial adviser business,” said M&G chief executive John Foley.
“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.”
M&G’s wealth unit, within which Sandringham will sit when the transaction is completed, came to life last September. Subject to regulatory approval, the acquisition will bring more than £2.5 billion of assets under advice to M&G.
The international group, as of the end of June 2021, had £370 billion of assets under management and administration. M&G manages money for around five million retail customers and over 800 institutional clients in 28 markets.
