UK-based insurer M&G has brokered a deal to acquire financial advice Sandringham Financial Partners for an undisclosed amount.

The deal is part of the insurer’s strategy to expand its wealth management business in the UK.

It adds £2.5bn of assets under advice to M&G and increases the number of advising partners to 180.

West Yorkshire-headquartered Sandringham was founded in 2012. It offers personalised independent financial advice on investments, pensions, mortgages, protection and estate planning.

M&G 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.”

Foley also said that the addition of Sandringham will accelerate the firm’s ability to grow and build our advisory capability across the country.

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By GlobalData

It is also expected to help the firm offer a range of investment solutions to more clients.

After the closure of the transaction, Sandringham will be part of M&G Wealth alongside its current advice, platform and investment businesses.

The firm established M&G Wealth in September last year to tap the rapidly evolving market for UK wealth management services.

In May 2020, the insurer agreed to purchase Ascentric, a digital wrap and wealth management platform for advisers.

The acquisition brought £15.5bn of assets under administration to M&G apart from relationships with over 1,500 UK advisory companies acting on behalf of more than 90,000 individual customers.

In May this year, Bloomberg reported that British asset manager Schroders abandoned a plan to acquire investment management division of M&G after evaluating the deal for months.

The deal, which would have formed a UK fund powerhouse managing over $1trn of assets, has been ditched by Schroders over cost concerns.