A round-up of corporate and M&A deals that affected wealth managers and private banks in the EMEA region, and in certain other parts of the world, in February.

Here is a summary of M&A deals and other corporate restructures at wealth managers and private banks in February.

LGT, abrdn
LGT agreed with UK’s abrdn (the business formerly known as Standard Life Aberdeen) to buy its discretionary fund management business in the UK and Jersey. This transaction will involve about £6.1 billion ($6.45 billion) in assets. The acquired business, which employs almost 140 people, looks after high net worth clients and charities. When the transaction closes, LGT Wealth Management, the UK-based wealth manager and part of LGT, will assume the client relationships of the acquired business and all of its staff.

Titan Holdings, Parthenon Capital
UK-based Titan Wealth Holdings has announced a new investment from Parthenon Capital, a US-based private equity firm, subject to approval from UK regulators. On completion, Parthenon will become the majority shareholder in Titan, which represents its first platform investment in the UK. Existing Titan Wealth investors, Ares, Hambleden Capital and Maven Capital Partners will remain invested and committed to the business.

TrustQuay, Viewpoint
TrustQuay, which operates in the trust, corporate and funds services sector, and Viewpoint, a wealth management solution provider, agreed to join forces. The combination pulls together 270 people across 12 offices around the world. 

The transaction – which is subject to clearance from regulators – will allow the firms to boost research and development, professional services, customer services and business development. TrustQuay, which serves more than 360 customers, has a user base of over 26,000 people in more than 30 jurisdictions. In Viewpoint’s case, it has more than 20,000 users from more than 300 clients in over 80 jurisdictions. The deal is expected to close by mid-2023, after which Keith Hale will become group CEO, and Rolf Heemskerk will become chief information officer.

Candriam Group
Candriam Group, a New York Life Investments Company, agreed to buy an additional 31 per cent interest in pan-European real estate investment manager Tristan Capital Partners, taking its total investment to 80 per cent by mid-2023. The remaining 20 per cent of Tristan is still held by its senior team. Tristan, which manages over €15 billion ($16 billion) of assets for institutional and private investors, maintains investment management autonomy.

Hawksford
Global corporate, private client, and fund services provider, Hawksford acquired ACT Management Services, a Dutch corporate services and financial management company. ACT is a privately-owned boutique firm operating in the corporate services and financial management industry. Based in the Netherlands, ACT provides management, domiciliation, and corporate services to a wide range of clients globally, including multinational corporations, public and private companies. The financial terms were not disclosed.

Anacap, Milleis Banque Privée
AnaCap Financial Partners, a specialist investor in European mid-market financial, technology and related business services, said its portfolio company Milleis Banque Privée, the third largest independent French wealth manager, officially completed the acquisition of Cholet Dupont-Oudart Group, an independent private bank based in Paris. The financial details of this transaction, for which negotiations began in 2021 and were concluded in October 2022, were not disclosed. 

Concordia, Rothschild & Co
Concordia, the holding company of the French branch of the Rothschild dynasty and the largest shareholder of Rothschild & Co, wants to take over the Paris-based bank private. 

Morgan Stanley 
Morgan Stanley Investment Management won approval from the China Securities Regulatory Commission to take a full controlling stake in Morgan Stanley Huaxin Funds. The move was subject to business registration and other procedures required by Chinese regulatory entities. When complete, Morgan Stanley will have 100 per cent ownership of the business, from 49 per cent. Based in Shenzhen, Morgan Stanley Huaxin Funds became a joint venture in June 2008.

Focus Partners
US-listed Focus Financial Partners, which holds a cluster of wealth managers in a number of countries, agreed to be taken private with buyout from Clayton, Dubilier and Rice. This was an all-cash transaction valued at $7 billion. 

Radiant, Ethos
Radiant acquired the assets of Doncaster-based IFA, Ethos Financial Solutions, which has £300 million ($369 million) in assets under management, as well as 18 members of staff, including five advisors. This was Radiant’s first transaction in Yorkshire.