M&G, a UK-based asset management company, has reached a deal to purchase independent financial advice provider Continuum (Financial Services) for an undisclosed amount.

As part of the deal, M&G is set buy a 49.9% stake in Continuum this year, with plans to buy the reaming shares in the next two years.

The deal is subject to regulatory approval.

Following the closure of the deal, Continuum is expected to join M&G Wealth, which was created in September 2020.

Continuum will continue to operate under the current brand name and will work together with M&G Wealth’s present advice, platform and investment teams.

The company is anticipated to bring over £1.5bn of assets under advice to M&G.

M&G Wealth managing director David Montgomery said: “This deal adds another high class independent financial advice business into M&G Wealth to complement our existing network of advisers.

“There is a growing need in the UK for consumers to be able to access financial advice services in a way that best suits their circumstances and requirements.

“This ‘advice gap’ is something we are keen to help address. Continuum has a terrific reputation in the industry and grows our capability to provide a wider range of advice services and investment solutions to more clients.”

The latest acquisition follows a series of deals carried out by M&G in the recent months.

Last month, M&G purchased a 41% stake in Irish non-bank lender Finance Ireland. The company conducted the investment for Prudential With Profits Fund and external client funds supervised by M&G Investments.

In January this year, M&G took over an independent financial advice company, Sandringham Partners.