M&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.

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