M&G Wealth has axed the brand names of its recently-acquired wealth platform Ascentric and its advice business Prudential Financial Planning (PFP) to bring the businesses under the M&G Wealth name.

M&G Wealth has selected Richard Denning to be the new CEO of Ascentric, the investment platform it acquired last year from Royal London.

Fund manager M&G is to create a new wealth management division under David Montgomery following the recent takeover of platform Ascentric.

Assets under management fell 4.3% to £15.5bn at investment platform Ascentric in the first half of 2020, as parent group Royal London reported a loss before tax of £181m.