Fiona Clutterbuck is to take on the role of interim chair of savings and investment manager M&G while chairman Mike Evans takes a temporary leave of absence.

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

Royal London has sold its adviser platform business Ascentric - which has £14bn in Assets Under Administration - to fund manager M&G.  

Fund manager M&G is to cut staff numbers by 10% following a fall in pre-tax profits from £1.62bn to £1.149bn.