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M&G PLC announced on Wednesday it acquired an initial 50% stake in Plymouth, England-based financial advisor, Continuum, for an undisclosed amount.
The London-based investment manager said an agreement has been put in place to acquire the remaining stake over the following two years.
On completion, Continuum will become part of M&G Wealth but retain its own brand as it brings more than GB1.5 billion of assets under advice to the company.
Davud Montgomery, managing director at 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...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.’
The deal remains subject to regulatory approval.
Shares in the FTSE 100 firm were up 0.4% at 215.00 pence on Wednesday morning in London.
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