M&G plc (LSE:MNG) has put its adviser platform up for sale following a strategic review of its wealth arm, industry sources have told Citywire. The decision to sell the M&G Wealth Platform, formerly Ascentric, comes just over three years after it was bought from previous owner Royal London for £86 million. Sources told Citywire that Fenchurch Advisory Partners has been hired to advise it on the sale process and an information memorandum is soon to be published. It is not clear what price the asset manager is looking for.

Citywire understands the sale process followed a strategic review of M&G?s wealth business, although it is only the platform which is going on the market. M&G Wealth, which includes a trio of advice networks and the adviser platform, recorded a £19 million loss in the first half of 2023. M&G CEO Andrea Rossi, who took over in October 2022, admitted to investors last year that the company needs ?to do better? in its platform and advice arms and that he ?needs to take action to improve profitability?.

Running on Bravura technology, the M&G Wealth Platform has £15.5 billion of assets under management. One recent success came when M&G announced it had added its PruFund range to the platform. However, with a sale process now in place this raises questions for M&G?s PruFund platform strategy, with the company only previously offering it to advisers via its own products. Rossi told investors last March that ?every person here in the UK should have PruFund?.

M&G has also seen a number of recent changes to its executive team, with retail and savings CEO Clare Bousfield leaving at the end of last year. The platform is led by CEO Richard Denning. M&G said it would ?not comment on market rumour or speculation?.

Fenchurch has been approached for comment.