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.

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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.

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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.