Mike Evans has permanently stepped down as chairman of M&G to concentrate on the recovery of his health.

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.

After combining its Financial Planning businesses with platform Ascentric and the M&G funds business into M&G Wealth, the firm now has £28bn in assets across the division.

M&G Wealth has selected Richard Denning to be the new CEO of Ascentric, the investment platform it acquired last year from Royal London.