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(Alliance News) - M&G PLC on Thursday said it acquired an investment manager for its wealth division to expand its offering to include model portfolio services.
The London-based investment manager acquired Kent, England-based TCF Investment for an undisclosed amount. It will be rebranded as it becomes part of M&G Wealth. The deal has received approval from UK regulator the Financial Conduct Authority.
TCF's MAPS service caters to a variety of customers with different risk appetites with its collection of multi-asset model portfolios. MAPS will now be managed by M&G, which also will launch a new range of portfolios. TCF fees will be reduced from 0.35% and 0.25% per annum to 0.15%.
"MAPS will continue to be available on other wealth platforms with existing bespoke adviser models supported and offered to new firms," M&G said.
TCF joint founders, David Norman and Gary Mairs, will leave the business later this year, to be replaced by Shanti Kelemen, chief investment officer of M&G Wealth.
"TCF Investment has an excellent long-term performance track record and a scalable platform for the management of model portfolios. This complements M&G PLC's existing investment capability and accelerates our ability to offer model portfolios./ It will allow us to bring new services to market, through all our distribution channels quickly," Keleman said. /
Shares in M&G were down 0.9% to 214.40 pence each in London on Thursday morning.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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