M&G creates £28bn wealth management arm after Ascentric deal

David Montgomery named MD

M&G is to combine several of its businesses into a new £28bn wealth management division.

M&G Wealth Management will comprise Ascentric - the platform business it acquired earlier in September from Royal London - along with its direct funds arm and two financial advice units, Prudential Financial Planning and The Advice Partnership (TAP). David Montgomery has been appointed managing director of the new business, subject to regulatory approval. M&G Credit Income trust eyes share issues He was previously chief operating officer for customer and distribution at M&G, having joined at the start of 2020 from US insurer Transamerica. He has also worked in senior positions a...