Investment manager M&G has agreed to purchase Ascentric, a digital wrap and wealth management platform for advisers.

The seller is Royal London, which picked a majority interest in Ascentric in 2007.

The wealth platform, which concluded a re-platforming exercise last year, became a wholly-owned subsidiary of Royal London in 2014.

The deal will add assets under administration of £14bn, nearly 1,500 adviser customers and more than 90,000 clients to M&G.

The transaction awaits regulatory nod. Financial terms of the deal were not disclosed.

Ascentric CEO Rob Regan said: “It is very clear that M&G is aligned with our values and ethos and represents a good home for our advisers, strategic partners and staff.

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“M&G is well-placed to take us on the next stage of our journey leveraging its scale to grow the business.”

Royal London sold the platform after completing a strategic review under its CEO Barry O’Dwyer.

O’Dwyer noted: “As part of our strategic review of the business, we explored a number of options for Ascentric.  The business has been performing well following its re-platforming and we sought an outcome that would take it to its next phase of growth.

“We believe that a sale to M&G delivers this for Ascentric and I am pleased to have found a buyer who has a strong commitment to Ascentric’s client and customer base and who is looking to further grow the business.”