Ascentric chief executive Rob Regan is leaving the business at the end of the year, less than two months after it was acquired by M&G.
M&G’s acquisition of Ascentric from Royal London completed in September shortly before the asset manager unveiled M&G Wealth Management, a £28bn wealth management firm comprising Ascentric, Prudential Financial Planning, The Advice Partnership and the M&G Direct funds business.
Regan (pictured) has led Ascentric since May 2018 when he joined from Royal London where he was group customer services director since March 2014. He previously spent two years at Legal & General as chief operating officer of the general insurance business and before that, he was a member of Lloyds Banking Group general insurance executive committee.
A press release from M&G Wealth Management said Regan is being replaced in the interim by Richard Denning who joined the business earlier this year. It said a new CEO will be appointed in due course.
Denning has 21 years’ experience working at wealth platforms. He was previously at platform Wealthtime, which was acquired by private equity firm AnaCap Financial Partners in February, and before that, chief digital officer and COO of digital solutions at Aegon.
See also: Will other fund houses follow M&G wealth management push?
M&G Wealth Management managing director David Montgomery said: “I wish Rob well for the future. He leaves at the end of 2020 with our very best wishes.
“M&G Wealth has unique and exciting developments in motion and Ascentric is at the core of many of these. It is to Rob’s great credit that we will be able to deliver these to advisers using the Ascentric platform simply and effectively in the future.
“I look forward to working closely with Richard and the very strong team we have in place in the business. There is a lot of opportunity and their dedication, skills and experience, allied to our scale and strong commitment to the wealth market, will be invaluable in our future developments”.
Regan said: “I am very proud of what we have collectively achieved over the last few years positioning Ascentric with a very bright future. M&G Wealth has a very clear strategy for the business that will take it through the next phase of growth.”
