M&G has scooped up more assets for its wealth management arm after inking a deal to buy IFA Continuum Financial Services.
The FTSE 100 fund group will take an initial 49.9% stake in the Plymouth-headquartered company this year and then acquire the remainder over the following two years. The purchase price has not been disclosed.
Continuum, which employs 60 independent financial advisers throughout the UK, will see its £1.5bn in assets under influence and 12,000 clients transfer to M&G Wealth. However, it will retain its own branding.
Its in-house discretionary model portfolio service, My Continuum Wealth, which is currently managed by Marlborough Investments, will also be handed over to M&G’s wealth arm post-acquisition.
Following the Continuum acquisition, M&G’s restricted and independent adviser headcount will reach 500. Over the next four to five years it aims to have around 1,000 financial advisers.
‘An unmissable opportunity’
Continuum is the latest IFA to be snapped up by M&G Wealth. Last August, it acquired Huddersfield-based Sandringham Financial Partners.
M&G launched its wealth management arm in September 2020 with £28bn in assets. This had ballooned to £370bn by December 2021, following a series of acquisitions, including a minority stake in digital wealth manager Moneyfarm and MPS provider TCF Investments.
David Montgomery (pictured), managing director of M&G Wealth, said: “This was an unmissable opportunity to partner with another fast-growing, top quality independent financial advice business.
“We want our advice services to be accessible to everyone which is core to the Continuum philosophy. This is vital for the financial services industry as we collectively seek to address the advice gap. Financial advice should not be just for the wealthy – it must be trusted, welcoming, unintimidating and should seek to deliver best outcomes and experiences for clients no matter their circumstances.
“Continuum has an outstanding brand reputation within the market and has a firm commitment to sustainable investment and working practices. Overall, it’s a great cultural fit with our existing advice businesses.”
Martin Brown, managing partner at Continuum, added: “Through market opportunities created by the lack of distribution, an increasing demand for high quality financial advice and changes driven by the pandemic, we extensively reviewed our strategic options to best increase our scale and deliver to this need.
“This development enables us to continue to accelerate the growth of our business sustainably, increase our national footprint of high-quality individuals and enhance our offering to clients and advisers. Ultimately, this allows us to deliver a greater reach to fulfil the growing advice need in the market.
“Importantly this ensures Continuum will progress its long-term ambitions of becoming a household brand and importantly a ‘home for life’ for clients, advisers, staff and future generations to come.”
This article first appeared on our sister title International Adviser
