Fund manager and wealth group M&G is to acquire the rapidly growing financial advisory group Sandringham Financial Partners for an undisclosed sum.

Fund manager M&G is to cut staff numbers by 10% following a fall in pre-tax profits from £1.62bn to £1.149bn.

Prudential plans to combine its fund manager M&G and Prudential UK & Europe to form M&G Prudential, a combined business managing £332bn of assets for 6m customers.

Prudential has appointed a new chief executive and executive director of Prudential with immediate effect.