UK-based Investment manager M&G said it is bringing together various parts of its business to create a new wealth management division with £28bn in assets under management and administration.

The company’s recently purchased Ascentric platform from Royal London will form part of the new wealth management division, alongside financial advice units Prudential Financial Planning and The Advice Partnership, and its M&G Direct funds business.

M&G appointed David Montgomery as managing director of the business, subject to regulatory approval. Montgomery earlier served as COO of customer and distribution of M&G.

M&G chief customer and distribution officer David Macmillan said: “The formation of this new division is part of our strategy to expand our service offering for advisers, their clients and our wider customer base in the UK. Demand for high quality advice and supporting wealth solutions is rising and we want to participate more actively in this growing market.

“We see a great opportunity to create something unique in the market and this announcement is the next step in a process that started with the launch of TAP and continued with our recent acquisition of Ascentric.”

M&G announced the acquisition of UK Wealth Management platform Ascentric in May as part of its strategy to expand its business as well as range of services for financial advisers and their clients.

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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.

M&G plc is the direct parent company of The Prudential Assurance Company, which is not affiliated in any manner with Prudential Financial.