Sandringham Partners, the IFA firm part of M&G Wealth, has announced that its chief executive officer Tim Sargisson is to leave the business early next year.
Sargisson has been CEO of Sandringham Partners since 2015 and led the acquisition of the business by M&G at the start of this year.
The Huddersfield-based firm currently has over 180 IFA partners and advises on assets of £2.5bn for 10,000 clients. It was established by Ken Davy in 2012.
It sits alongside M&G Wealth’s existing advice, platform and investment businesses and will continue to operate under the Sandringham brand.
Sargisson said: “I have been incredibly proud to lead Sandringham. Our core focus has always been to support, guide and enable our partners to protect and enhance the lives of our clients.
“We have consistently been independently recognised as having significant levels of client’s engagement and satisfaction ratings in delivering excellent outcomes for our clients.
“I am confident that, as part of M&G, our partners will be able to increase this focus in the future and continue to greatly enrich our clients' lives”.
The firm said the existing management of Sandringham remains in place and will further develop its growth strategy.
M&G Wealth managing director David Montgomery, said: “I thank Tim for all his support and positive commitment to making the M&G acquisition of Sandringham a success.
“He has played a huge part in making Sandringham such an attractive and growing proposition for M&G to acquire and integrate as a core part of our strategy and proposition going forward. We wish him every success in the future.”
Earlier this month, M&G announced that it was taking an initial 49.9 per cent stake in another national IFA, Continuum Financial Services, with a scheduled agreement in place to acquire the remainder over the following two years.
It bought Continuum, which has assets of more than £1.5bn, for an undisclosed amount.
Once the deal is completed, which is subject to regulatory approval, Continuum will become part of M&G Wealth but will retain its own brand.
In its most recent set of results Continuum saw a 37 per cent rise in operating profit, driven in part by acquisitions of a number of IFAs.
sonia.rach@ft.com
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