He added: “Having had the support of a strong committed parent in Royal London, we hope that this continues with M&G.”
A wider trend
It was first announced this morning (May 27) that M&G had agreed to buy the Ascentric platform from Royal London.
The industry learnt Ascentric was up for sale in February of this year, while Royal London confirmed the coronavirus crisis had not put the brakes on any potential deals a month later.
Ascentric’s top boss today said the level of interest in the platform from potential buyers had “exceeded all expectations”.
M&G is the latest firm to delve into the world of platform mergers and acquisitions, as the pace of platform buyouts has been on the up in the past few years.
Embark Group has expanded its role in the platform space in the past year, buying both the Zurich platform and the advised business of Alliance Trust Savings.
Private equity firms have also reared their heads into the space. Epiris bought the James Hay platform last year while Wealthtime was snapped up by AnaCap Financial Partners.
imogen.tew@ft.com
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