M&G to buy Sandringham Financial Partners
M&G
199.00p
16:35 24/04/24
M&G said on Wednesday that it has agreed to but Sandringham Financial Partners, a provider of independent financial advice, for an undisclosed sum.
Financial Services
13,858.08
17:09 24/04/24
FTSE 100
8,040.38
16:34 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
The acquisition will bring more than £2.5bn of assets under advice to M&G, as well as relationships with around 180 advising partners acting on behalf of over 10,000 individual clients.
Chief executive John Foley said: "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.
"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."
Once the deal completes, Sandringham will sit within M&G Wealth alongside its existing advice, platform and investment businesses.