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.
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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 GlobalDataIt 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.
