M&G Wealth’s managing director David Montgomery is to leave the business in August, the company has confirmed.

M&G Wealth has axed the brand names of its recently-acquired wealth platform Ascentric and its advice business Prudential Financial Planning (PFP) to bring the businesses under the M&G Wealth name.

Fund manager M&G is to create a new wealth management division under David Montgomery following the recent takeover of platform Ascentric.