Fund manager and wealth group M&G is to acquire the rapidly growing financial advisory group Sandringham Financial Partners for an undisclosed sum.

The deal will add £2.5 billion of assets under advice to M&G as well as 180 Sandringham advising partners and more than 10,000 individual clients.

Sandringham will become part of M&G Wealth and work in tandem with the existing M&G Wealth advice, platform and investment businesses. 

M&G Wealth was formed in September 2020 to expand M&G's interests in the advice and platform sector.  

John Foley, chief executive of M&G plc, said: "This deal strengthens M&G Wealth's position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national independent financial adviser business.

"Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients."

The deal is subject to regulatory approval.

• More details and reaction to come on this breaking story.