M&A Market Update
Merger and acquisition (M&A) activity across the investment sector saw five transactions valued at over £5m announced during the month of September. This brought the Q3 2026 total to 15 deals, in line with Q2 2026 and compared with 19 deals in Q1 2026. Year-to-date activity now stands at 49 deals, representing a modest increase on the 47 transactions recorded during the first three quarters of 2025.
Wealth management and financial planning remain the most active areas of the M&A market in 2026, accounting for nearly 70% of total deal volume. Three transactions announced in September involved businesses operating in the space, including the acquisitions of MWA Financial, AC Wealth and Platinum Independent Financial, all by private equity-backed (PE) consolidators.
Elsewhere in the sector, U.S.-based fintech firm iPipeline announced its acquisition of Origo, a provider of technology infrastructure to the UK pensions and investment industry, and Liontrust Asset Management announced the acquisition of Hawksmoor’s fund management and MPS businesses.
Deal values in September were varied, with two transactions valued below £25m and three above this threshold. As has been the case throughout 2026, activity remained concentrated at the lower end of the market, largely driven by bolt-on acquisitions in the wealth management sector. While H1 2026 saw an increase in larger transactions valued above £100m, activity at this end of the market slowed in Q3, with only three such deals recorded during the quarter.
Three of the transactions announced in September involved PE-backed buyers, all targeting businesses in the wealth management and financial planning sector. The remaining two transactions involved a listed acquirer and an overseas buyer, respectively.
The year-to-date 2026 buyer mix remains broadly consistent with the proportions seen in 2025. Private equity — comprising both direct investments by PE funds and acquisitions made through their portfolio companies — remains the most active buyer group, accounting for 57% of all transactions.
Notable transactions (September 2026):
- iPipeline, a U.S.-based digital solutions provider to the life insurance and financial services industry, announced the acquisition of Origo from Vespa Capital. Origo is an Edinburgh-based provider of software that automates platform transfers and provides a letter of authority service to advisers to help onboard new clients. SS&C and the international PE funds TA Associates and Bridgepoint were understood to have been in the running to buy Origo. The acquisition is expected to enhance iPipeline’s connectivity capabilities and enable customers to integrate their operations more efficiently.
- Atomos announced the acquisition of financial planning firm MWA Financial from funds managed by Coniston Capital. The transaction will add £950m of assets under advice and 24 advisers to Atomos, while further expanding its national footprint in financial planning and advice.
- Shackleton announced the acquisition of Aberdeen-based wealth manager AC Wealth, expanding its presence in Scotland. The transaction adds £800m of client assets, taking Shackleton’s total assets in Scotland to £1.2bn. Previously part of Scottish law firm Aberdein Considine, AC Wealth has 40 employees, including 14 FCA-authorised financial advisers.
Other UK transactions (September 2026):
- Liontrust agreed to acquire the fund management and model portfolio services business of Hawksmoor Investment Services and Hawksmoor Fund Management, adding £1.9bn of client assets.
- Absolute Financial Group announced the acquisition of Manchester-based financial advice firm Platinum Independent Financial Services, adding £280m of client assets.
- Lync Wealth Management announced the acquisition of two Belfast-based advice firms, Carleton Financial Planning and RJ Savage, adding an additional £300m of assets under advice.
