He has been interim CEO of Ascentric since December following the departure of Rob Regan.
His appointment is subject to regulatory approval.
Mr Denning has worked in platforms for 21 years and previously worked for Aegon’s platform interests. He has held senior positions at Novia Financial, Skandia, Selestia Investments, Britannic Assurance and Prudential.
M&G acquired Ascentric from Royal London in September. M&G Wealth was formed in November and brings together Ascentric with existing businesses Prudential Financial Planning, The Advice Partnership and the M&G Direct funds unit.
David Montgomery, managing director, M&G Wealth, said: “Rich has a proven track record at senior levels in the industry. He has the dedication, drive, enthusiasm and vision that permeates throughout M&G Wealth that will undoubtedly be key to our future successes.
“Ascentric, through significant investment, will be at the core of a lot of future developments and appreciably complements the other parts of M&G Wealth and the wider group.”
Richard Denning, CEO of Ascentric, said: “I look forward to collaborating with the other businesses in M&G Wealth as we go through our next phase of growth and look to maximise the benefits of new options and services for advisers.”