Listed asset manager and insurer M&G has bought Royal London's digital wealth management platform for independent financial advisers, Ascentric, bringing £14bn in assets under administration to M&G's portfolio.

The acquisition also adds relationships with more than 1,500 advisory firms who act for over 90,000 customers to the M&G stable. The move will give the firm capability to offer third-party discretionary fund management services, as well as individual savings accounts, self-invested personal pensions, and general investment account wrappers on a single platform. The deal is subject to regulatory approval.