M&G has bought Huddersfield-based adviser firm Sandringham Financial Partners, for an undisclosed amount.
Sandringham, led by chief executive Tim Sargisson, has 180 IFA partners and advises on assets of more than £2.5bn for 10,000 clients. It was established by Ken Davy in 2012.
Once the deal is completed the firm will sit within M&G’s wealth division alongside its existing advice, platform and investment businesses.
David Montgomery, managing director of M&G Wealth, said: “This complements our existing network of advisers with a well-regarded national independent financial advice business.
“It will accelerate our ability to provide increased advice to more consumers, with a wider range of solutions.”
Montgomery also said it will help the firm to attract further advisers.
He added: “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.
“Sandringham has a well-earned reputation and a talented group of partners and staff, who share the same values and enthusiasm as the other parts of M&G Wealth”.
Sargisson added: “We will be the independent part of a business fully committed to significantly increase its presence in providing much needed financial advice services.
“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”.
Earlier this month, M&G said the £800m net outflows from its retail savings arm in the first half of 2021 highlighted the need to grow M&G Wealth.
Last year M&G combined several of its existing businesses to create M&G Wealth.
The advice arm is partly the result of M&G’s acquisition of Ascentric from Royal London in May 2020.
As part of M&G Wealth’s formation, the company also agreed a partnership with software house Ignition Advice which is set to launch later this year to develop “hybrid advice”.
amy.austin@ft.com
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