M&G shares increased 1.6% to 217.6p in late afternoon trading on Wednesday after the group announced its intended acquisition of financial services firm Continuum for an undisclosed amount.
The investment manager confirmed it would be taking an initial 49.9% stake in the company, with a scheduled agreement initiated to acquire the remainder over the next two years.
Continuum will reportedly become part of M&G Wealth, which was launched in September 2020.
Continuum is set to retain its own brand and sit alongside M&G Wealth’s existing businesses, bringing over £1.5 billion in assets under advice to the company.
The agreement follows M&G’s recent acquisition of independent financial advice firm Sandringham Partners in January 2022.
“This deal adds another high class independent financial advice business into M&G Wealth to complement our existing network of advisers,” said M&G Wealth managing director David Montgomery.
“There is a growing need in the UK for consumers to be able to access financial advice services in a way that best suits their circumstances and requirements.”
“This ‘advice gap’ is something we are keen to help address. Continuum has a terrific reputation in the industry and grows our capability to provide a wider range of advice services and investment solutions to more clients.”