A clutch of Anglo-American deals – such as involvement of private equity firms in the US and opportunities in the UK – helped propel deal volumes in the first six months of this year. 

Deal activity across UK financial services surged in the first half of 2026, with wealth and asset management emerging as the standout sector for M&A momentum - a trend borne out by several high-profile private banking and wealth manager combinations completed or announced during the period.

According to the latest EY financial services M&A analysis, UK banks, insurers and asset managers disclosed 135 transactions between January and the end of June 2026, up from 108 in the same period last year — a 25 per cent increase. Total disclosed deal value rose far more sharply, climbing from £4.2 billion ($5.6 billion) in H1 2025 to £33.7 billion in H1 2026, an eight-fold jump.

Seven deals exceeded £1 billion, including two megadeals worth between £8 billion and £10 billion, together accounting for roughly 93 per cent of total deal value.

Wealth and asset management was the sector's clearest growth story. UK wealth and asset management deals rose from 47 to 61 year-on-year, while disclosed deal value leapt from £200 million to £22.7 billion - by far the largest increase of the three segments EY tracks, ahead of insurance (up from £1.6 billion to £8.4 billion) and banking and capital markets, which was comparatively flat at £2.5 billion.

Consolidation, with a transatlantic twist
The scale of that shift is visible in deals already reshaping the wealth management landscape. NatWest Group's £2.7 billion acquisition of Evelyn Partners from private equity owners Permira and Warburg Pincus is intended to build a leading private banking and wealth management business, combining Evelyn Partners' £69 billion of assets under management and advice with NatWest's existing £59 billion AuMA book. Nuveen's £9.9 billion agreed purchase of Schroders - which would create one of the world's largest asset managers, with £1.83 trillion of AuM, and preserve London as the combined group's non-US headquarters – appears to be a candidate for one of the two megadeals EY highlights in its H1 tally. 

There’s also a cross-border aspect, with a notable US element. Corient, the US wealth manager, more than a year ago acquired UK-based multi-family offices Stonehage Fleming and Stanhope Capital. In March, Creative Capital, a US registered investment advisor, moved to acquire MASECO, a London-based business. Prior to the H1 2026 reporting period for the EY study, cross-border deals in Europe of note included BNP Paribas Wealth Management's moving to acquire HSBC Private Bank's German operations, while Swiss firm EFG International completed its purchase of Cité Gestion.

Technology, not just scale, driving decisions
EY's parallel CEO Outlook for UK financial services found 95 per cent of UK financial services chief executives expect their organisation's appetite for M&A to increase in 2026 versus 2025. Enhancing technology or AI capabilities was cited as the single most important driver of dealmaking decisions, ranked top priority by a quarter of respondents - ahead of strategic fit with long-term growth priorities and return on invested capital. For wealth managers, that has increasingly meant acquiring platforms and capabilities that can support digital advice delivery and portfolio management at scale, alongside the more traditional motives of AuM growth and geographic reach.

Damian Hourquebie, EY UK financial services strategy and transactions leader, said: "It's been a strong first half for UK financial services dealmaking, with overall transaction value significantly higher compared to last year, and more than double what it was a decade ago. Market confidence has been supportive, with continued focus on strategic consolidation to bolster revenue growth, innovation, and transformation."

He added that despite ongoing geopolitical and economic uncertainty, the strength of activity across H2 2025 and H1 2026, together with the prioritisation of tech and capability-led M&A, points to UK financial services leaders making bold, strategic decisions to sustain growth.

A market still building momentum
Deal volume in H1 2026 was slightly below the 141 transactions recorded in H2 2025, but disclosed value continued to climb, from £27.9 billion to £33.7 billion, with EY expecting further momentum in the second half of the year. Over the past decade, H1 deal volumes have risen 93 per cent since 2017, when 70 deals were reported, while deal value has more than tripled from £10.1 billion.

For wealth managers and private banks, the direction of travel is clear: a sector once characterised by piecemeal, boutique-scale transactions is now attracting billion-pound strategic combinations, as scale, technology and access to high net worth and ultra-high net worth client books become the currency of competitive advantage.