The numbers bear out what a slew of news stories and developments show, which is that 2025 saw an increase in M&A consolidation, driven by a desire for scale and market reach.

Consolidation across the UK wealth management market accelerated in 2025, with total deal value reaching a record £20 billion ($26.6 billion), a report shows.

Figures from MarshBerry, an investment banking and strategy consultant for the financial services industry, showed that in the UK investment sector, there were 65 transactions valued at £5 million or more. 

The figures were provided exclusively to WealthBriefing by MarshBerry.

While volume moderated from the exceptionally elevated levels of 2023 and 2024, aggregate value more than doubled year-on-year as buyers made fewer, larger and more strategic transactions, the report said. 

"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,” John Wepler, MarshBerry CEO said.

Dealmaking has continued into 2026, with US-based Nuveen buying UK-listed Schroders and the NatWest Group purchase of Evelyn Partners.

Among the details, 94 per cent of total deal value was concentrated in transactions above £100 million, suggesting that scale and institutional backing is increasingly important.

“The concentration of deal value in larger transactions shows that capital is prioritising scale and integration,” Fred Hansson (pictured below), MarshBerry managing director, said. “We are seeing fewer but more strategic deals, which reflects a market that is maturing and becoming more institutionally driven.”

Fred Hansson 

Ironically, MarshBerry – headquartered in Ohio – was itself the subject of an acquisition in November 2025, with Chicago-based Lincoln International, an  investment advisory firm, making the move. This news service has also spoken to Lincoln for its views on recent M&A activity in the UK. 

The consolidation trend, as examples illustrate, has involved cross-border activities, with several US-based firms in the mix. One major deal last year included Corient's purchase of Stonehage Fleming and Stanhope Capital.

Details
The report showed that 33 of the transactions involved private equity investors; 20 transactions involved overseas buyers, including six new entrants to the UK market; 10 of the disposals involved private equity funds; and total private equity-backed investment was more than £16.8 billion, rising 113 per cent from the level of 2024.

The Nuveen/Schroders and NatWest/Evelyn deals are significant beyond their scale, Hansson said. “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.”

The report said that 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 private equity 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’s report added.