Royal London has announced the sale of its platform business, Ascentric, to M&G, subject to regulatory approval.
The sale of the wrap and wealth management platform 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 has 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.
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, added: “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.”