M&G launches wealth management business

M&GM&G is creating a wealth management division to support financial advisers and other customers.

Called M&G Wealth Management, the division is made up of existing M&G businesses Ascentric, which is a platform acquired from Royal London in September, Prudential Financial Planning, The Advice Partnership (TAP) and the M&G Direct funds business.

M&G Wealth Management will have a combined £28 billion (€31 billion) of assets under management and administration

David Montgomery (pictured), who was previously M&G’s chief operating officer covering customers and distribution, will head the business. He joined M&G at the start of the year from Transamerica, a US insurer.

David Macmillan, chief customer and distribution officer at M&G plc, said the offering would be “unique”, and added: “Demand for high quality advice and supporting wealth solutions is rising and we want to participate more actively in this growing market.”

M&G plc has £339 billion of assets under management and administration and around 5 million retail customers and 800 institutional clients.


©2020 funds europe


Upcoming webinar

Funds Europe and Jersey Finance webinar – Women in Alternative Investments
During this webinar, our panel will share insights relating to their careers and experiences, explore the trends they are seeing within the alternative investment industry and have thought-provoking discussions on the hot topics around the gender component of diversity, equity and inclusion (DEI).
Register now »