UK wealth M&A hits record £20 billion, says MarshBerry report

London, UK, March 17, 2026 — Consolidation across the UK wealth management market accelerated in 2025, with total deal value reaching a record £20 billion, according to new research from MarshBerry, a global leader in investment banking and strategic consulting for the financial services industry.

MarshBerry’s State of the UK Investment Sector identified 65 UK transactions valued at £5 million or more. While volume moderated from the exceptionally elevated levels of 2023 and 2024, aggregate value more than doubled year-on-year as buyers focused on fewer, larger and more strategic transactions.

“This annual report provides far more than a snapshot of market activity — it offers a critical lens into the structural forces reshaping UK insurance distribution,” said John Wepler, MarshBerry Chief Executive Officer. “In a year defined by volatility, shifting buyer behavior, and intensified competition for quality assets, our analysis helps firms see clearly what truly drives value and where the market is heading next.”

94% of total deal value was concentrated in transactions above £100 million, underscoring the increasing importance of scale and institutional backing.

“The concentration of deal value in larger transactions shows that capital is prioritizing scale and integration,” said Fred Hansson, MarshBerry Managing Director. “We are seeing fewer but more strategic deals, which reflects a market that is maturing and becoming more institutionally driven.”

Year at a Glance

• 33 transactions involved domestic private equity investors.
• 20 transactions involved overseas buyers, including six new entrants to the UK market.
• 10 disposals involved private equity (PE) funds, highlighting increasing exit activity.
• Total PE-backed investment exceeded £16.8 billion, up 113% year-on-year.

Momentum Extends into 2026

Momentum continued into 2026 with two landmark transactions highlighting the strategic appeal of UK wealth and asset management. U.S. asset manager Nuveen — a $1.4 trillion AUM business owned by TIAA — has agreed to acquire UK-listed Schroders. The deal follows 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 are expected to diversify into adjacent capabilities and pursue vertical integration strategies to strengthen control of distribution. At the same time, mid-market PE funds approaching the end of their investment cycles are likely to increase exit activity.

While overall deal volume may remain measured, average transaction sizes are expected to continue rising as capital concentrates behind established, scalable platforms.

MarshBerry – Helping Clients Learn, Improve & Realize Value

MarshBerry is a global leader in investment banking and strategic consulting for the financial services industry. With over 40 years of experience, MarshBerry empowers firms in insurance brokerage & distribution, wealth advisory & retirement planning and accounting & tax practices to achieve long-term growth, maximize value, and navigate every stage of ownership. Core offerings include Investment Banking services such as Merger & Acquisition Advisory and Capital Raising, as well as Financial Consulting in Strategic Planning, Valuations, and Perpetuation Planning. MarshBerry also provides specialized support in Organic Growth Consulting, Executive Peer Exchange, Agency Network and Market Intelligence & Performance Benchmarking. For more information, visit www.MarshBerry.com/eu.