UK wealth M&A deal value reaches record-high £20bn in 2025

Total merger and acquisition (M&A) deal value in the UK wealth management market hit a record high of £20bn in 2025, with the average transaction value more than doubling year-on-year, research from MarshBerry has shown.

Its State of the UK Investment Sector report identified 65 UK wealth transactions valued at £5m or more.

Although deal volumes fell from the ‘exceptionally elevated’ levels seen in 2023 and 2024, aggregate value more than doubled as buyers focused on fewer, larger, and more strategic transactions.

Almost all (94 per cent) of the total deal value was concentrated in transactions of more than £100m.

In 2025, 33 deals involved domestic private equity investors; 20 involved overseas buyers, including six new entrants to the UK market; and 10 disposals involved private equity funds.

Total private equity-backed investment was around £16.8bn, an increase of 113 per cent year-on-year.

“In a year defined by volatility, shifting buyer behaviour, and intensified competition for quality assets, our analysis helps firms see clearly what truly drives value and where the market is heading next,” said MarshBerry chief executive officer, John Wepler.

MarshBerry managing director, Fred Hansson, added: “The concentration of deal value in larger transactions shows that capital is prioritising scale and integration.

“We are seeing fewer but more strategic deals, which reflects a market that is maturing and becoming more institutionally driven.”

The report noted that M&A momentum had continued into 2026 with two landmark deals: Nuveen’s acquisition of Schroders, and NatWest Group’s acquisition of Evelyn Partners.

“These deals go beyond headline size,” said Hansson. “They show that capital is concentrating behind scaled platforms with strong brands, distribution control and recurring revenues - supporting valuations at the top end while increasing pressure on smaller independent firms.”

Larger platforms were expected to diversify into adjacent capabilities and pursue vertical integration strategies, the report added, aiming to strengthen control of distribution.

Additionally, it stated that mid-market private equity funds approaching the ends of their investment cycles were likely to increase exit activity.

Although deal volumes were not expected to rise significantly, average transaction sizes were anticipated to continue increasing as capital concentrates behind established, scalable platforms.

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