M&G has appointed a managing director to lead its UK wealth arm amid plans to grow the business.
Clare Bousfield, the firm's current chief financial officer, will head up the expansion of M&G Wealth’s retail and savings services in the UK, as well as oversee the overhaul of the firm’s Prudential-branded operations.
M&G said in March that Prudential Financial Planning - one of a number of acquired firms making up its UK wealth arm - would take on the M&G name as part of the company-wide re-brand.
Bousfield will hand over her responsibilities to M&G’s deputy CFO, Paul Cooper, who will act on an interim basis until the firm finds a new full-time CFO.
In her new role, set to start next month, she is also expected to step down from M&G’s PLC board, due to “expected time commitments” and “regulatory responsibilities” with respect to Prudential.
John Foley, M&G’s chief executive, said Bousfield will “bring fresh impetus” to the firm’s wealth arm - which was created last year and is yet to launch its hybrid advice service.
Foley continued: “This appointment and a number of other leadership changes I am making today position us well for the next phase of M&G’s ambitions and our strategy to return to sustainable growth.”
M&G announced its wealth management division, M&G Wealth, in September 2020, which comprises Ascentric, Prudential Financial Planning, The Advice Partnership and the M&G Direct funds business.
In August, 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.
Bousfield’s retail and savings responsibilities within this arm will consist of M&G Wealth, as well as the Heritage Business, which includes Prudential-branded operations in both the UK and Europe.
Last month, M&G added to its wealth arm by acquiring 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.