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M&A will use Moneyfarm’s technology and digital capabilities to offer model portfolios through mobile phones and online.
The financial details of the deal were not disclosed but a source with knowledge of the transaction told Reuters that the funding round values Moneyfarm at between 300 and 350 million pounds ($472 million).
The company will explore with Moneyfarm opportunities to partner in other European markets.
M&G has more than 370 billion pounds under management while Moneyfarm manages 2.2 billion pounds of assets, according to its website.
Moneyfarm has partnerships in other countries with Allianz (DE:ALVG) Asset Management, Poste Italiane and UniCredit.
($1 = 0.7408 pounds)
