Smaller wealth management firms at risk as M&A deals reach eight-year high

There were 124 M&A deals between wealth management firms in 2015, a fresh high during the eight years of tracking by Scorpio Partnership. More than one-third of these deals - 41% - involved UK-based firms and activity has continued to be strong in 2016. Deals have included Tilney Bestinvest's £600m purchase of Towry, while Harwood Wealth Management and Rathbones have said they are eyeing future acquisitions. Industry commentators believe this is just the start of a decade of change for the wealth industry, which could ultimately result in many smaller wealth managers ceasing to exi...