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M&G has acquired Sandringham Financial Partners, an advice firm with £2.5 billion in assets under advice.
The deal also brings 180 advisers to the asset manager, who act on behalf of over 10,000 individual clients.
The deal is subject to regulatory approval.
M&G CEO John Foley said: 'This deal strengthens M&G Wealth's position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national IFA business.'
At 1:36pm: (LON:MNG) MG PLC share price was 0p at 183.35p