Platform purchase doesn’t encourage M&G investors
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The price of shares in FTSE 100 investment management firm M&G (LON:MNG) fell by 3.22% to 167.43p (as of 10:35 BST) after it completed the acquisition of Ascentric from Royal London Group. Management said that the purchase was part of its strategy to expand the range of services it offers and the digital investment platform will complement M&G’s current strength in the UK savings market.
The FCA has approved the deal, which brings £15.5 billion of assets under administration beneath M&G’s umbrella.
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