Royal London sells Ascentric to M&G
Royal London, a mutual life, pensions and investment company headquartered in London, has announced the sale of its platform business, Ascentric, to M&G.
The sale follows the completion of Ascentric’s re-platforming in 2019 and the conclusion of a comprehensive strategic review led by Royal London Chief Executive, Barry O’Dwyer, according to a Royal London press release. The deal is subject to regulatory approval.
Ascentric is a leading digital wrap and wealth management platform for advisers with assets under administration of GBP14 billion, around 1,500 advisor relationships and over 90,000 underlying customers and has been part of Royal London since 2007.
Barry O’Dwyer, Chief Executive, Royal London, said: “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. I would like to thank the Ascentric team for their contribution to building a valuable business over the past years.”
“At Royal London we still remain firmly committed to the adviser market as we drive through a major digital transformation programme and develop new capabilities to help advisers better meet the needs of their customers,” continued O’Dwyer.
Rob Regan, Chief Executive, Ascentric, said: “This is a compelling transaction for Ascentric. 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. M&G is well-placed to take us on the next stage of our journey leveraging its scale to grow the business. We look forward to working with M&G to support our clients and customers going forward as well as through the transition from Royal London’s ownership.”