M&G said on Wednesday that it has agreed to buy Continuum, a provider of independent financial advice, for an undisclosed sum.
The investment manager will take an initial 49.9% stake in the business this year, with a scheduled agreement in place to acquire the remainder over the following two years.
On completion, Continuum will become part of M&G Wealth, which was formed in September 2020. Continuum will retain its own brand and sit alongside M&G Wealth’s existing advice, platform and investment businesses, bringing more than £1.5bn of assets under advice to the company.
David Montgomery, managing director of M&G Wealth, said: “This deal adds another high class independent financial advice business into M&G Wealth to complement our existing network of advisers.
“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.”
