UK & European Financial Services M&A: Sector Trends H2 2024 | H1 2025 — Asset/Wealth Management
M&A landscape remains consistently hot—private equity drives mergers-of-equals and turbocharges trade consolidation in the last 12 months.
Private equity driven deals:
Market consolidation skewed towards medium-sized and smaller deals:
3 hottest M&A sub-verticals:
Voracious appetite of:
Private banks adopt polarised strategies across different business lines:
Investment in WealthTech remains a key focus for established managers:
Superior technology delivering competitive advantage—3 focus areas:
Private equity encouraging and funding growth through bolt-on M&A involving:
We do not see M&A activity slowing down in the short-term—with activist forces holding listed managers to account and private equity driving consolidation amongst smaller managers, we expect plenty of deals to be inked in the next 12 months.
Deal highlights:
White & Case advised Titan Wealth on:
Larger:
Mid-sized:
Smaller:
Deal highlight:
White & Case advised Soderberg & Partners, a KKR and TA-backed Nordic wealth management and corporate pensions provider, on:
Deal highlight:
White & Case advised doValue, a leading pan-European financial services provider, on:
Disposals:
Acquisitions:
Deal highlights:
White & Case advised Nordic Capital on its agreed joint investment with Ontario Teachers’ Pension Plan Board in Max Matthiessen, the Nordic provider of pension, insurance and wealth management solutions.
White & Case advised a club of private credit funds and investment banks on a senior secured financing package to support the recommended offer by a consortium comprising CVC, Nordic Capital and Platinum Ivy to acquire UK-listed Hargreaves Lansdown.
White & Case advised Lunate, an Abu Dhabi-headquartered alternative investment manager, on its acquisition of a strategic stake in Azura Partners, a UK-based wealth manager serving ultra-high-net-worth and high-net-worth individuals, entrepreneurs and single-family offices.
Market commentary:
Prior to the pandemic, wealth management was a sector known for its personal, high-touch interactions. However, COVID-19 changed everything, accelerating the industry’s digitisation process (Fintech Global–August 2024).
Financial sponsors:
Foreign investors:
MBOs:
Non-profit:
Public market:
Deal highlight:
White & Case advised Goldman Sachs Asset Management on the sale of its 15% shareholding in Prima Assicurazioni, an Italian insurer and MGA that specialises in online car insurance, to AXA.
Financial sponsors:
Asset managers:
Deal highlights:
White & Case advised Nomura, the Tokyo-headquartered global financial services group, on its US$1.8 billion acquisition of Macquarie’s U.S. and European public asset management business (subject to customary regulatory approvals).
White & Case advised BPCE’s Caisse d’Epargne et de Prévoyance Hauts de France on its acquisition of Bank Nagelmackers from Dajia Insurance.
Tag-in (acquisitions):
Tag-in (JVs):
Tag-out (disposals):
White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.
This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.
© 2025 White & Case LLP
©White & Case LLP 1996- 2025
Attorney Advertising. Prior results do not guarantee a similar outcome.
Share a link to this page
