Shares of M&G (LON: MNG) are trading lower on Wednesday following the announcement that it has secured a deal to acquire Sandringham Financial Partners.
Sandringham, an independent financial advice provider, will bring more than £2.5 billion of assets under advice to M&G plc and relationships with around 180 advising partners acting on behalf of over 10,000 individual clients.
There were no other financial details provided.
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Once the deal is completed, Sandringham will sit within M&G Wealth alongside its existing advice, platform, and investment businesses.
John Foley, CEO of M&G, said: “This deal strengthens M&G Wealth’s position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national Independent Financial Adviser business.
“Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients.”
M&G shares are down 1.27% at 217.2p, adding to its 9% decline in the last three months.
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