M&G has also taken a minority stake in Moneyfarm.

The new offering will provide a range of multi-asset model portfolios and include active and passive funds.

Moneyfarm will provide the technology, operating models, customer relationship management, custody and trading services and investment guidance for M&G Wealth’s branded proposition.

David Montgomery, managing director at M&G Wealth, said: “With the launch of a direct, mobile-based investment platform, complementing our growing independent, proprietary and hybrid adviser businesses, our customers will be able to access the channel, advice and investment proposition that most suits their financial situation and needs.”

M&G and Moneyfarm said they were also looking for opportunities to partner with providers in other European wealth markets.

M&G launched a hybrid advice business, MAP, last year. The service is aimed at clients with “modest wealth” and a simpler set of financial needs who currently find traditional financial advice hard to access.

Earlier this month M&G also completed the acquisition of financial advice firm Sandringham. The deal, first announced in August, added £2.5bn of assets under advice to M&G as well as 180 Sandringham advising partners and more than 10,000 individual clients. 

Sandringham now serves as M&G’s independent advice arm.

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

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 Sandringham 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."

Moneyfarm is a pan-European digital wealth manager with more than 80,000 active investors and over £2bn invested on its platform. Launched in Milan in 2012, Moneyfarm claims to be the largest robo-adviser in Italy and the second largest in the UK.