M&G has completed the acquisition of platform Ascentric, which it bought from Royal London.
The acquisition, which was first announced in May, is part of M&G's strategy to grow its business and expand its range of services for financial advisers and clients.
The move brings £15.5bn of assets under administration to M&G as well as relationships with more than 1,500 UK advisory firms acting on behalf of 90,000 individual customers.
Ascentric CEO Rob Regan will continue to lead the platform, and will also sit on the customer and distribution leadership team led by M&G chief customer and distribution officer David Macmillan.
Royal London's decision to sell Ascentric followed an expensive and tough re-platforming project for the life company.
In March 2019, Ascentric revealed it had spent more than £100m on its long-term re-platforming project over the course of the previous three years.
Then, in May, the new platform offered up some hurdles for advisers as some users complained about the client reporting functions and others reported extended waiting times with the call centre.
It also had to delay some of its re-platforming migrations.
The FCA has approved the change in control of Ascentric.
This article first appeared on our sister title Professional Adviser