M&G is set to expand its wealth division after agreeing to acquire IFA Sandringham Financial Partners.
Sandringham is a Huddersfield-based provider of independent financial advice, led by chief executive Tim Sargisson. It was founded in 2012 by Ken Davy and has over 180 IFA partners advising on more than £2.5bn for over 10,000 clients.
The deal is subject to regulatory approval but on completion Sandringham will sit alongside M&G Wealth’s existing advice, platform, and investment businesses.
M&G Wealth was launched in September last year. It comprises Ascentric, the platform acquired from Royal London in September, Prudential Financial Planning, The Advice Partnership (TAP) and the M&G Direct funds business.
M&G Wealth managing director David Montgomery (pictured) described Sandringham as a “well-regarded national independent financial advice business” that would complement the M&G’s existing network of advisers.
He added: “It will accelerate our ability to provide increased advice to more consumers, with a wider range of solutions.
“It will also enable us to attract further advisers. We are keen to expand and develop our advisory capabilities to broaden services, be a core part of tackling the advice gap in the UK, and ultimately provide better value and enhanced experiences for our clients.”
Sargisson said: “It is business as usual for Sandringham with the compelling opportunity to be part of a strong parent that is committed as much as we are to delivering the best experiences to our clients.
“I look forward to working with future colleagues in M&G Wealth to drive forward these shared goals and ultimately add significantly to the well-being of our clients.”
