Royal London to sell Ascentric platform to M&G

£100m re-platforming

M&G's share price was up more than 5.6% in early trading today (17 May), following the announcement that life company Royal London will sell its platform business Ascentric to the firm.

The move follows the completion of Ascentric's replatforming project in 2019, and is subject to regulatory approval. Around 1,500 advisers use the Ascentric platform, which holds assets under administration of £14bn across 90,000 customers. It has been part of Royal London since 2017.  Royal London chief executive Barry O'Dwyer 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 tha...