TCF will be rebranded and become part of M&G Wealth.

The deal has been approved by the FCA.

M&G Wealth will take responsibility for the ongoing management of TVF’s current MPS service MAPS as will also launch a new range of portfolios this year.

MAPS is a collection of multi-asset model portfolios. It will continue to be available on other wealth platforms with existing bespoke adviser models supported and offered to new firms.

M&G said it will reduce the current standard TCF fees to 0.15% per annum from the currently levels of between 0.25% and 0.35% per annum.

David Norman and Gary Mairs, joint founders of TCF, will exit the business.

Shanti Keleman, CIO of M&G Wealth, will take over responsibility for the investment manager.

Ms Kelemen said the acquisition of TCF will allow M&G Wealth to bring new services to market through all distribution channels quickly.

She said: “We will also introduce new model portfolios to supplement MAPS later this year, with a focus on investing globally and incorporating environmental, social and governance factors in the investment process. 

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

In August the firm announced it is to acquire financial adviser firm Sandringham Financial Partners. The deal 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.

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.