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.
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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