M&A Market Update
April represented another robust month for mergers and acquisitions (M&A) activity in the investment sector, with six transactions announced at values exceeding £5m. This brought the total number of deals announced year-to-date (YTD) to 25.
It included large scale consolidation of two sizeable U.S. private equity-backed (PE-backed) wealth managers with Shackleton acquiring Hurst Point Group, creating a nationwide financial adviser with a combined £17bn of client assets. This represents an example of the anticipated consolidation of the consolidators which we expect to see more of.
Also at the larger end of the scale was Standard Life announcing the £2bn acquisition of Aegon UK, representing continued strategic interest in consolidating the retirement savings market. It enables Standard Life to increase their earnings from capital-light, fee-based revenue activities and offers the potential for significant synergies in the combination of the operations.
All other transactions this month involved PE‑backed consolidators in the wealth management sector announcing bolt-on acquisitions, including Superbia, Vintage Wealth Management, and Nine Edge Wealth, the latter having recently raised capital for growth from B.P. Marsh. This was also reflected in the sub-£5m deals where very high levels of acquisition activity were noted.
Deal values during the month were mixed, with four transactions announced below £100m and two exceeding £100m. This pattern is consistent with activity observed in Q1 2026, where deal flow has been concentrated at both the lower and upper ends of the market, while midmarket transactions (£25–100m) have remained relatively subdued. YTD figures indicate a record number of deals valued above £100m, suggesting that momentum at the upper end of the market shows little sign of abating.
It is also notable that April saw 22 transactions announced with values below £5m, representing the highest monthly volume of deals announced in 2026 to date.
Private equity remains the most dominant acquirer on a YTD basis. In April, all four announced wealth management transactions involved PE-backed consolidators, reflecting shareholders’ sustained support and strong appetite for consolidation of a market that remains highly fragmented despite elevated M&A activity over recent years.
Notably, 2026 has seen a shift in the composition of acquirers. Quoted buyers have increased their share of announced transactions, with one quoted acquirer completing a deal in April. While historically less active than PE and overseas buyers, quoted acquirers are now broadly level with overseas participants on a YTD basis, highlighting a modest but meaningful rebalancing in buyer dynamics.
Notable transactions (April 2026):
- Standard Life announced the acquisition of Aegon UK for a total consideration of £2bn. The transaction creates the UK’s largest retirement savings and income business with 16 million customers and £480bn of assets under administration. The deal will enable Aegon to focus on its U.S. life insurance and retirement operations, while significantly strengthening Standard Life’s pensions and savings capabilities and customer offering. The deal is being funded through a combination of cash, debt, and shares in Standard Life, with Aegon becoming a strategic shareholder and asset management partner.
- PE-backed wealth manager Shackleton announced the acquisition of wealth manager Hurst Point Group, which includes Argentis financial planning and Hawksmoor investment management businesses. It allows Carlyle Group to exit its investment and for Lee Equity to more than double the size of Shackleton in terms of client assets, which represents Shackleton’s largest acquisition to date and adds £10bn in client assets. Following completion, the enlarged business will consist of over 850 employees and serve over 44,000 clients nationwide. During April Shackleton also announced the acquisition of Surrey-based advice firm Arundel Wealth Management, adding a further £200m in client assets.
- Söderberg & Partners-backed Vintage Wealth Management announced the acquisition of Buckinghamshire-based financial planning firm FMIFA. The deal adds £400m of client assets, taking Vintage’s total to £2.14bn and enhancing Vintage’s provision of retirement planning, wealth management, protection, corporate benefits, and advice on equity release.
Other UK transactions (April 2026):
- The B.P. Marsh-backed and newly formed financial advice firm Nine Edge Wealth announced it had completed its second acquisition with the purchase of Edinburgh-based financial advice firm Wealth Professional, adding £340m in client assets.
- PE-backed wealth manager Superbia Group announced the acquisition of Coventry-based advice firm Frank Corrigan & Co, taking its total client assets to £1.4bn.
- Perspective Financial Group announced the acquisition of six advice firms adding £550m in client assets: Hertfordshire-based Grosvenor Wealth Management, Graham Investment Management, Penrith-based Professional Financial Centre (Cumbria), Sapphire Wealth Management, and Derbyshire-based Belper Independent Financial Solutions.
- Tatton Asset Management and Inflexion-backed Absolute Financial Group announced the acquisition of three financial planning firms: Hereford-based Padstone Financial Management, Ashford-based Campton Financial Services, and Drayton-based Iceni Financial Advisers, adding £255m of client assets in total.
- Finli Group announced the acquisition of six advice firms, adding £252m in client assets: Lancashire-based Adrian Smith Wealth Management, Wrexham-based GM Wealth Management, Birmingham-based JSP Financial Services, Cobham-based Roxborough Wealth Management, and client banks in Basingstoke and Great Missenden.
- Lumin Wealth announced the acquisition of London-based advice firm Gresham Financial Strategies, adding £140m in client assets.
- The Private Office acquired Leeds-based advice firm HEB Wealth, adding £100m in client assets and marking its first acquisition in seven years.
- Clifton Wealth Partnership announced the acquisition of Essex-based financial planning firm Cutting & Carter, adding £60m of client assets.
- MWA Financial announced the acquisition of Wiltshire-based advice firm Hawthorn Financial Services, adding £26m of client assets.
- One Four Nine Group announced the acquisition of York-based financial planning firm Mowatt Financial Planning.
- Alltrust Services announced the acquisition of the Phoenix Wealth’s Family Suntrust schemes, in a transaction that is set to see it become the only SIPP pension provider in the UK accepting new business into a Family Pension Trust structure.
- Pensions administrator Aptia announced the acquisition of Mercer’s Pension Decision Service.
