M&A Market Update
The number of announced UK investment sector merger and acquisition (M&A) transactions valued above £5m slowed in October, with four deals, bringing the year-to-date total to 53.
October included two deals in the wealth management space with U.S.-based Wealthspire acquiring wealth manager Atlantic Swiss and newly formed Cador Wealth acquiring advice firm Elevation Wealth Management. Elsewhere in the sector, TEAM plc announced the acquisition of stockbroker and wealth manager Hedley & Co, and Fintel plc announced its acquisition of mortgage technology provider Mortgage Brain.
Despite fewer transactions above £5m of value in October, consolidation activity below this threshold remained strong across the wealth management and financial advice sectors. Established consolidators, including Perspective, Fairstone, Milecross Financial and Lync Wealth Management, continued to pursue smaller bolt-on acquisitions, reflecting the attractiveness of recurring revenue streams, opportunities to increase assets under advice and potential operational synergies.
Of the four transactions announced in October, three were valued between £5m and £25m and the other between £25m and £100m. The growing prominence of smaller transactions is reflected in the year-to-date (YTD) figures, with deals valued between £5m and £25m accounting for 58% of activity, compared with 48% in 2025, as buyers continue to pursue smaller, targeted acquisitions.
The acquirer types in October were a mixed bag, with two transactions involving an overseas acquirer, one involving a privately-held acquirer and the last a quoted acquirer. Although AIM-listed, TEAM plc is classified as an overseas acquirer under MarshBerry’s methodology as it is headquartered in Jersey. While PE-backed (private equity) buyers were absent from October’s deal activity, they continued to dominate the YTD deal count, accounting for 53% of transactions, broadly consistent with 56% in full year 2025.
Notable transactions (October 2026):
- Wealthspire, a U.S.-based wealth management, institutional advisory and business management firm, announced the acquisition of Atlantic Swiss through its Ground Control Business Management division. Atlantic Swiss is a London-based private wealth manager with over £800m in assets under management and administration, providing financial planning and investment management services to clients across the UK and Western Europe, with a particular focus on professionals in the entertainment, sports and fashion industries. The business employs over 20 people, including eight advisers, and will continue to be led by founder Craig Bell. The acquisition is expected to strengthen Wealthspire’s presence in the UK and expand its specialist wealth management capabilities, particularly within the sports and entertainment sectors.
- Cador Wealth, a UK-based wealth management group, announced its first acquisition with the purchase of Elevation Wealth Management. Elevation is a Birmingham-based independent financial advice firm with additional offices in London and Wolverhampton, advising approximately 3,000 clients and overseeing c.£800m in assets under advice. Founded in 2011 by Tony Smith, the business provides financial planning and wealth management services and will retain its existing brand following the acquisition. The transaction establishes Elevation as the cornerstone of Cador’s buy-and-build strategy, which targets over £8bn in assets under advice within five years through further acquisitions, organic growth and adviser recruitment.
- Fintel, an AIM-listed provider of technology, data and business support services to the UK retail financial services sector, announced the acquisition of the remaining 94.2% stake in Mortgage Brain Holdings for £38.4m, having initially acquired a 5.8% stake in March 2024. Mortgage Brain is a UK-based mortgage technology provider offering software solutions for mortgage sourcing, affordability assessments, customer relationship management and mortgage submissions. The acquisition strengthens Fintel’s Software & Data division and is expected to broaden its offering to wealth and mortgage advisers, supporting more integrated workflows and greater operational efficiency.
Other UK transactions (October 2026):
- TEAM plc, an AIM-listed wealth and asset management group headquartered in Jersey, announced that it had agreed to acquire Hedley & Co for £3m in base consideration, with up to £2m of additional EBITDA-linked contingent consideration. Hedley & Co is a Lancashire-based wealth management and stockbroking firm with £383m of assets under control, including £173m of funds under management. Following completion, which remains subject to FCA approval, Hedley & Co will become part of TEAM’s wholly owned subsidiary, WH Ireland Group. The acquisition is expected to strengthen TEAM’s presence in the North West of England, expand its client base and accelerate its move towards sustained profitability.
- Perspective Financial Group acquired five financial advice firms including Stowmarket-based Carlton Smith Private Wealth, Wynyard-based Novus Wealth Management, Dumfries-based Annandale Financial Services, Plumb Financial Services and Shand Associates, adding a total of £600m of assets under advice.
- Milecross Financial announced the acquisition of six financial advice firms including Edinburgh-based Murray John & Associates, Devon-based Peter Cole Financial, Penarth-based David Smith, Stourport-based Eureka Financial Solutions, Blackpool-based Appletree Financial Solutions and the acquisition of a client book from Shropshire-based Carl Summers Financial Services.
- Tavistock Investments agreed to sell the business and assets of King Financial Planning for £3m and entered exclusive negotiations with Atomos regarding the potential sale of Tavistock Group Holdings, the parent company of Tavistock Private Client.
- Fairstone announced the acquisition of Taunton-based 1st Financial Group, adding £125m of client assets, and Haywards Heath-based Foundation Financial Planning, adding £170m of client assets.
- Lync Wealth Management acquired Kingswinford-based financial advice firm TKV Financial Management, expanding its presence in the West Midlands.
- First Wealth acquired Kent-based financial advice firm Accumulate Wealth Management, adding approximately 120 client families in its first acquisition.
- Oakglen Wealth received FCA approval for its proposed acquisition of Peterborough-based Aurea Financial Planning, marking its expansion into UK financial planning services.
- Independent Governance Group acquired Scotland-based professional trustee firm ProPensions, adding five professional trustees and strengthening its pensions governance capabilities.
- Intelliflo acquired Mabel Insights, a provider of investment research, portfolio analysis and financial planning software, strengthening its technology offering for financial advisers.
- Cauvery Wealth reportedly raised £4m in funding to support its growth strategy.
