Fund and wealth management group M&G has received the regulatory go ahead for its acquisition of financial adviser firm Sandringham Financial Partners.

The deal will spur M&G’s ambitions to become a major wealth manager as well as an established investment manager.

The deal, first announced in August, will add £2.5bn 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 the new M&G Wealth division and work 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.   

Huddersfield-based Sandringham is a growing provider of independent financial advice. It will retain its brand and will be part of M&G's Wealth division alongside M&G Wealth's existing advice, platform and investment businesses. 

M&G plc is an international savings and investment business and manages money for about 5m retail customers and more than 800 institutional clients in 28 markets. As at 30 June 2021, it had £370bn of assets under management and administration.

At the time the deal was announced last year John Foley, chief executive of M&G plc, said: "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."