M&A Market Update
May saw a quieter period for M&A activity in the investment sector, with only three transactions above £5m announced – making it the lowest monthly deal volume of 2026 to date and bringing the year‑to‑date (YTD) total to 28.
The May deal count included two transactions in the independent financial adviser market, with Advies Private Clients acquiring St Andrews Financial and AAB Wealth acquiring BpH Wealth Management. Elsewhere, Isio announced the acquisition of Collidr, an artificial intelligence and investment management consultancy.
Deal values in May were concentrated at the lower end of the market, with all transactions falling within the £5–25m range. It also marked the first month in 2026 without a deal exceeding £100m in value.
However, while smaller deals continue to dominate overall activity (accounting for 57% of transactions YTD), 2026 has seen the highest proportion of £100m+ transactions on record (32%), highlighting a growing concentration of activity at the top end of the market. In contrast, the mid-market (£25–100m) has declined notably relative to prior years.
As demonstrated by May’s activity, smaller bolt-on acquisitions remain a key strategic focus for acquirers.
Two of the three acquisitions in May were completed by private equity-backed (PE) acquirers, with the third completed by a privately-owned acquirer (albeit with funding also from PE). The share of deals involving PE has increased significantly, rising from c.31% in 2020 to c.64% in 2026.
This shift reflects sustained financial sponsor interest in the investment sector’s attractive characteristics, with demand particularly focused on wealth management businesses. The continued rise in PE‑backed activity highlights the growing institutionalisation of the sector, with sponsor‑backed consolidators playing an increasingly dominant role in driving transaction activity.
Notable Transactions (May 2026):
- Isio announced the acquisition of Collidr. Collidr provides artificial intelligence solutions and investment management consultancy, managing over £3.8bn in assets and operating through two entities – Collidr Technologies and Collidr Asset Management. The acquisition will increase Isio’s investment management capabilities in the wealth market, integrating technology, adviser tools, and expertise into its offering for financial advisers.
- Advies Private Clients announced the acquisition of London-based advice firm St Andrews Financial. St Andrews has £200m of assets under management and c300 clients with a focus on professionals based in London and the South East. Advies was supported by the Saltus Partnership programme in funding the transaction.
- AAB Wealth announced the acquisition of two advice firms – Hertfordshire-based BpH Wealth Management and Buckinghamshire-based Jane Smith Financial Planning. Combined, the transactions will push AAB’s assets under advice above £2.5bn and add nearly 30 staff.
Other UK Transactions (May 2026):
- Paris-based wealth manager and family office Groupe Allen entered the UK market with the acquisition of London-based Altyx Financial Planning.
- Pivotal announced the acquisition of two mortgage and protection brokerages: Purely Financial Planning and KMC Financial. During May, Pivotal also announced the acquisition of mortgage artificial intelligence firm LendingScore.
- Clifton Wealth Partnership announced the acquisition of Hertfordshire-based financial planning firm Dukes IFA, adding c170 households and £43m of client assets.
- WBR Group announced the acquisition of a small, self-administered scheme book of business from Manchester-based financial planning firm Carpenter Rees.
- Absolute Financial Group added £577m of assets under advice with the acquisition of four advice firms based in the North West: Allied Financial Services, RSJ Financial Planning, Millcroft Wealth Management and Mackenzie Financial Planning.
- Corbel Partners announced it had acquired the client book of financial planner Graham Carney, marking its 18th acquisition in under three years.
