Active deal flow and US interest reinforces durability of UK wealth management M&A market

Continued consolidation and interest from US-based sponsors reinforced the durability of the UK wealth management merger and acquisition (M&A) market in the first half of 2026, as the market becomes more institutionalised, according to Berkshire Global Advisors.

The firm noted that the UK wealth management M&A market remained active in H1, as consolidation activity continued, North American investment grew, and increasingly selective buyers focused on the quality and scalability of firms.

This ongoing consolidation was found to have created larger platforms with more sophisticated operating structures and greater capital needs, driving the market past regional deal-making towards institutionalised platform building.

Berkshire Global Advisors noted that the primary drivers of wealth management M&A in the UK had “changed little” since the end of 2025, with the market still fragmented, demand for professional advice outweighing supply, operational costs rising, and succession pressure building on independent firms.

However, these factors' impact on transaction activity was evolving, as consolidation produced larger platforms that need greater pools of capital to support their next growth stages.

Furthermore, strategic buyers were showing ‘renewed interest’ in wealth management, with North American sponsors seeing the UK as an attractive market, especially as it was less mature than in the US.

“Recent deal activity reflects both sides of that shift,” the report stated. “NatWest’s agreement to acquire Evelyn Partners for roughly £2.7bn, or approximately $3.6bn, represents a significant strategic exit for private equity and a major return by a UK bank to the financial advice market.

“Meanwhile, Stone Point Capital’s investment in Amber River and Goldman Sachs Alternatives’ minority investment in The Private Office show US-based capital pursuing opportunities across different parts of the UK market, from established consolidators to high-quality independent advice businesses.”

However, acquirers were found to be assessing firms carefully, especially around whether businesses had the systems, compliance record, infrastructure, and management depth to scale following an acquisition.

Additionally, for US-based acquirers, clean regulatory records, integrated operations, and credible leadership were also important so the businesses can operate without heavy day-to-day oversight.

“Firms that meet those expectations are drawing interest,” the report said.

“Those with unresolved regulatory, operational or integration issues may struggle to complete a transaction, even when there is buyer interest. In the current market, in other words, quality can affect both valuation and the likelihood that a deal gets done.”

Berkshire Global Advisors also highlighted the evolution of sponsor capital, as while private equity remained central to the market, larger transactions were requiring investors with deeper capital pools, industry experience, and the ability to support more ambitious growth plans.

Cross-border wealth management remained active, especially among the ultra high net worth and multi-family office segments, and was becoming more important as clients’ financial lives become more international.

“The first half of the year has reinforced the durability of the UK wealth management M&A market,” the report said.

“The same structural pressures that supported consolidation last year remain in place, but the market is becoming more institutionalised as platforms grow larger, sponsor capital broadens and strategic buyers re-engage.

“That should continue to create opportunities for well-run firms with scale, strong compliance practices, credible leadership and the ability to support more complex client needs.

“At the same time, buyer discipline is likely to remain high. Firms that cannot demonstrate operational quality, regulatory readiness or a clear path to growth may find that interest does not necessarily translate into a completed transaction.”

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