US firms eye more UK wealth M&A: ‘There’s appetite for the upper end of the market’
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UK wealth firms, which are significantly cheaper than their US counterparts, look like especially attractive targetsPhoto Illustration: Julia Manga/iStockphoto/Getty Images
The blockbuster acquisition by a US rival of two of Britain’s biggest wealth managers is a sign that more transatlantic tie-ups are coming and consolidation of the UK wealth industry has further to run.
Corient, a Miami-based private wealth manager, announced on 2 September that it had inked a deal to buy Stonehage Fleming and Stanhope Capital. The firm, which is backed by Mubadala Capital, is now the world’s largest non-bank wealth manager, the transaction having doubled its assets to $430bn, and given it a presence in Emea.
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