M&G to buy Sandringham Financial Partners

M&G said on Wednesday that it has agreed to but Sandringham Financial Partners, a provider of independent financial advice, for an undisclosed sum.

The acquisition will bring more than £2.5bn of assets under advice to M&G, as well as relationships with around 180 advising partners acting on behalf of over 10,000 individual clients.

Chief executive John Foley said: "This deal strengthens M&G Wealth's position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national independent financial adviser business.

"Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients."

Once the deal completes, Sandringham will sit within M&G Wealth alongside its existing advice, platform and investment businesses.