The chief executive of Ascentric is to leave the business just months after the adviser platform was bought by M&G.
M&G announced today (November 9) that Rob Regan has decided to exit the firm at the end of this year, with ex-Aegon and Wealthtime COO Richard Denning, who joined M&G in July, taking over the helm until a permanent replacement is found.
M&G said Mr Denning had spent 21 years “building, running and transforming wealth platforms”, having previously played a significant role in the Aegon platform journey.
As Ascentric falls within M&G’s newly created division, M&G Wealth Management, it is under the wider leadership of David Montgomery, the arm’s managing director.
Mr Montgomery said: “I wish Rob well for the future. He leaves at the end of 2020 with our very best wishes.
“M&G Wealth has unique and exciting developments in motion and Ascentric is at the core of many of these. It is to Rob’s great credit that we will be able to deliver these to advisers using the Ascentric platform simply and effectively in the future.”
He added he was looking forward to working closely with Mr Denning and the rest of the team, noting there was a “lot of opportunity” in the wealth platform market.
Mr Regan, who led the Ascentric platform for three years, said: “I am very proud of what we have collectively achieved over the last few years positioning Ascentric with a very bright future.
“M&G Wealth has a very clear strategy for the business that will take it through the next phase of growth.”
Ascentric’s acquisition by M&G completed in September this year after the buyout was announced in May, bringing 1,500 adviser customers and 90,000 of their clients to the firm.
Previously owned by Royal London, M&G pledged it would be “business as usual” going forward for advisers using the Ascentric platform.
The platform now forms part of M&G’s new wealth management division, announced in September, which brings together Ascentric, Prudential Financial Planning, The Advice Partnership and the M&G Direct funds business.
The new division, with assets under management and administration totalling £28bn, is looking to expand its services to advisers by developing the platform.
imogen.tew@ft.com
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
