M&G Wealth has confirmed Richard Denning as the next chief executive officer of its adviser platform Ascentric.
Denning has been interim chief executive since December following the departure of Rob Regan, who left the business just months after the platform was bought by M&G.
Denning, who joined M&G in July 2020, has spent 21 years “building, running and transforming wealth platforms”, having previously played a significant part in the transformation of Aegon’s platform.
Prior to this he held senior executive positions at Novia Financial, Skandia, Selestia Investments, Britannic Assurance and Prudential.
Denning said: “M&G Wealth has a clear commitment and vision for Ascentric.
“Certainty of ownership, scale and a commitment to ongoing investment are critical in the wealth platform market and, quite rightly, are at the core of adviser expectations for their businesses as they strive to deliver best outcomes for their clients.
“I look forward to collaborating with the other businesses in M&G Wealth as we go through our next phase of growth and look to maximise the benefits of new options and services for advisers”.
Ascentric’s acquisition by M&G completed in September last year after the buyout was announced in May, bringing 1,500 adviser customers and 90,000 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.
David Montgomery, managing director of M&G Wealth, said: “Ascentric, through significant investment, will be at the core of a lot of future developments and appreciably complements the other parts of M&G Wealth and the wider group.
“I look forward to working closely with Rich and his very talented team as we take new products and experiences to advisers and their clients”.
amy.austin@ft.com
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