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Financial institutions M&A: Sector trends - September 2025

Financial Services M&A: Sector Trends

We highlight the key EU and European M&A trends in H2 2024 and H1 2025, and provide our insights into the outlook for M&A going forward.

Introduction

In the 13th edition of our report, we bring you the key deal highlights and M&A trends across UK/Europe in the past 12 months which have shaped the financial services landscape. Focusing on the following verticals:

Key highlights include:

  • Banks: Big Bank Bearhug Bonanza.
  • Fintech: Fragility of private and public capital fundraising markets drives consolidation activity.
  • Asset/Wealth Management: M&A landscape remains consistently hot—private equity drives mergers-of-equals and turbocharges trade consolidation in the last 12 months.
  • Payments: While Global Payments' US$24.25 billion acquisition of Worldpay from FIS and FIS's US$13.5 billion response acquisition of Global Payments' issuer solutions have dominated headlines, the sheer volume of deals in the payments space speaks for itself.
  • Financial Market Infrastructure: Mega private equity buy-outs shape Europe's FMI landscape—KKR seeks to emulate Blackstone's Refinitiv success through acquisition of OSTTRA.
  • Brokers/Corporate Finance: It's all about the people—M&A activity centres around acquiring sector expertise, client relationships and local market knowledge.
  • Consumer Finance: Is anyone talking about anything other than Klarna's long-awaited US equity debut?
  • Specialty Finance/Marketplace Lending: Complexity of deal-making has materially increased in the last 12 months. Debt, in the form of warehouses, revolvers and notes, often plays a pivotal role even in "vanilla" deals.

M&A Forecast legend

UK & European financial services M&A trends

Big Bank Bearhug Bonanza

Read 38 min. article
visa cards

Fragility of private and public capital fundraising markets drives consolidation activity

Read 43 min. article
crystal unicorn

Asset / Wealth Management

M&A landscape remains consistently hot—private equity drives mergers-of-equals and turbocharges trade consolidation in the last 12 months.

Read 11 min. article
Vault

Payments

While Global Payments' US$24.25 billion acquisition of Worldpay from FIS and FIS's US$13.5 billion response acquisition of Global Payments' issuer solutions have dominated headlines, the sheer volume of deals in the payments space speaks for itself.

Read 12 min. article
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Financial Market Infrastructure

Mega private equity buy-outs shape Europe's FMI landscape—KKR seeks to emulate Blackstone's Refinitiv success through acquisition of OSTTRA.

Read 4 min. article
vault

Brokers / Corporate Finance

It's all about the people—M&A activity centres around acquiring sector expertise, client relationships and local market knowledge.

Read 4 min. article
Market Trends

Consumer Finance

Is anyone talking about anything other than Klarna's long-awaited US equity debut?

Read 5 min. article
cards

Specialty Finance / Marketplace Lending

Complexity of deal-making has materially increased in the last 12 months. Debt, in the form of warehouses, revolvers and notes, often plays a pivotal role even in "vanilla" deals.

Read 5 min. article
coins
Vault

Sector trends - September 2025: Asset/Wealth Management

UK & European Financial Services M&A: Sector Trends H2 2024 | H1 2025 — Asset/Wealth Management

Insight
|
11 min read
Prof. Dr. Roger Kiem

M&A landscape remains consistently hot—private equity drives mergers-of-equals and turbocharges trade consolidation in the last 12 months.

Current market:

  • M&A landscape remains consistently hot

We are seeing:

Private equity driven deals:

  • Acquisitions (e.g., Oaktree's, Mayfair's and Aquiline's respective acquisitions of Close Brothers AM, VG and Isio)
  • Mergers of equals (e.g., Pollen Street-backed Kingswood and Mattioli Woods merge)
  • Bolt-on M&A (e.g., Parthenon-backed Titan Wealth's acquisitions of Finance Shop, FS Wealth Management, Workplace Advice Group, Advisa Wealth, Independent Wealth Planners, Ravenscroft Investments, AHR Group and Aspira Corporate Solutions)
  • Supercharging trade consolidators (e.g., KKR's and TA Associates' €265 million equity investment in Söderberg & Partners) 

Market consolidation skewed towards medium-sized and smaller deals:

  • Medium-sized deals (i.e., <US$ 10 billion AuM):  >15 deals, primarily across UK and Germany
  • Smaller deals (i.e., <US$ 1 billion AuM):  >20 deals, primarily across UK and France

3 hottest M&A sub-verticals:

  • UK
    • IFAs: Söderberg & Partners' acquisitions of / equity investments in >15 UK-based IFAs in 12 months
  • Italy, Germany
    • Credit management:  doValue's acquisitions of coeo and Gardant
  • Spain
    • Private equity:  Santander's, Orbyn's and Kutxabank's respective acquisitions of 89.9% of Tresmares Capital, Dozen Investments and 63% of Talde Gestion

Key drivers / challenges:

Voracious appetite of:

  • Mega financial sponsor consortiums (e.g., CVC / Nordic Capital / Platinum Ivy consortium's acquisition of Hargreaves Lansdown and Nordic Capital / OTPPB consortium's equity investment in Max Matthiessen)
  • Solo financial sponsors (e.g., Apax's acquisition of Evelyn Partners' professional services business)

Private banks adopt polarised strategies across different business lines:

  • Slimming down:  Handelsbanken, IHAG and HSBC Germany all disposed of non-core private client businesses
  • Bulking up:  BNP Paribas snapped up HSBC Continental Europe's German custody business and Axa's asset management business

Investment in WealthTech remains a key focus for established managers:

  • Established managers swallow value-enhancing technology (e.g., Amundi's and Quilter's respective acquisitions of Aixigo and NuWealth)
  • Availability of growth capital for WealthTech (e.g., RockFi, Flanks, Fundment and QPLIX all successfully executed funding rounds in the last 12 months)

Trends to watch:

Superior technology delivering competitive advantage—3 focus areas:

  • AI adoption (mainly machine learning and generative AI)
  • End-to-end workflow automation (i.e., eliminating human error)
  • Turnkey digital asset management infrastructure

Private equity encouraging and funding growth through bolt-on M&A involving:

  • Acquisition of rival managers
  • Acqui-hires of high-performing teams

Our M&A forecast

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.

Asset / Wealth Management – Publicly reported deals & situations

Market consolidation

Deal highlights:

White & Case advised Titan Wealth on:

  • its acquisition of IWP, a leading provider of financial planning solutions across the UK; and
  • its acquisition of AHR, one of the UAE's largest financial advisory services businesses with operations spanning Malaysia, Cyprus, Mauritius and the BVI.

Larger:

  • Mattioli Woods & Kingswood Group: UK, Merger (May 2025)
  • EFG International: Switzerland Acquisition of Cité Gestion (February 2025)
  • J. Safra Sarasin Group: Switzerland Acquisition of MIV Asset Management (December 2024)
  • DNB:  Norway, Acquisition of Carnegie (October 2024)

Mid-sized:

  • Fidelius & Timothy James & Partners: UK, Merger (June 2025)
  • Indosuez Wealth Management/ Credit Agricole: Switzerland, Acquisition of Banque Thaler (April 2025)
  • Soprarno (Banca Ifigest): Italy, Acquisition of Milano Investment Partners (April 2025)
  • HKR LUNIS & Grossbötzl, Schmitz & Partner: Germany, Merger (April 2025)
  • Azimut: Morocco, Acquisition of 29% of Red Med Asset Management and 25% of Red Med Securities (March 2025)
  • Semmie: Netherlands, Acquisition of Saxo Bank's Dutch/Belgian SaxoWealthCare and SaxoPensioen business (March 2025)
  • InCred Group: UAE, Acquisition of Arrow Capital (February 2025)
  • Banca Etica: Italy, Acquisition of 70% of Impact Sgr (January 2025)
  • 7IM: UK, Acquisition of Rockhold Asset Management (November 2024)
  • Gonet & Cie: Switzerland, Acquisition of majority stake in ONE Swiss Bank (November 2024)
  • Tavistock: UK, Acquisition of Alpha Beta Partners (November 2024)
  • Cazenove Capital / Schroders Wealth Management: UK,  Acquisition of Whitley Asset Management (October 2024)
  • Vontobel: DACH, Acquisition of IHAG Privatbank's client book (September 2024)
  • Impax Asset Management: UK, Acquisition of SKY Harbor Capital Management's European AuM (July 2024)
  • Titan Wealth (backed by Parthenon Capital): UK Acquisition of AHR Group (July 2024)

Smaller:

  • Titan Wealth (backed by Parthenon Capital): UK, Acquisition of Finance Shop (July 2025)
  • Titan Wealth (backed by Parthenon Capital): UK, Acquisition of FS Wealth Management (July 2025)
  • Truncus & Investor AM: Belgium, Merger (June 2025)
  • Titan Wealth (backed by Parthenon Capital): UK, Acquisition of Workplace Advice Group (April 2025)
  • Psagot: Israel, Acquisition of Global Net's IRA provident fund business (April 2025)
  • Groupe Crystal: France, Acquisition of Koytcha Conseil (January 2025)
  • Titan Wealth (backed by Parthenon Capital): Channel Islands Acquisition of Advisa Wealth (January 2025)
  • Moneyfarm: UK, Acquisition of Willis Owen (December 2024)
  • Titan Wealth (backed by Parthenon Capital): UK, Acquisition of Independent Wealth Planners (December 2024)
  • DoorFeed: France, Acquisition of Ikory Asset Management (December 2024)
  • Astoria Finance: France, Acquisition of Parisii Gestion Privee (December 2024)
  • Astoria Finance: France, Acquisition of Synergie Conseils Patrimoine (December 2024)
  • (Undisclosed) purchasing consortium: Germany, Acquisition of Ride (November 2024)
  • Jupiter Asset Management: UK, Acquisition of Origin Asset Management (October 2024)
  • Titan Wealth (backed by Parthenon Capital): Channel Islands, Acquisition of Ravenscroft Investments (October 2024)
  • Groupe Premium: France, Acquisition of Haenggi & Associés (September 2024)
  • Perspective Financial Group: UK, Acquisition of Whittington Goddard Associates (September 2024)
  • Perspective Financial Group: UK, Acquisition of Copthorne Financial Services (September 2024)
  • Carat Capital (backed by Parquest Capital): France, Acquisition of Charpentier Patrimoine (July 2024)
  • Carat Capital (backed by Parquest Capital): France, Acquisition of Jean Segalas (July 2024)
  • Groupe Crystal: France, Acquisition of PCA Finance (July 2024)
  • Rhetores (backed by Activa Capital): France, Acquisition of Profil Finance (July 2024)

Financial planning M&A

Deal highlight:

White & Case advised Soderberg & Partners, a KKR and TA-backed Nordic wealth management and corporate pensions provider, on:

  • its acquisition of an equity stake in Moneyweb 123;
  • its acquisition of an equity stake in Vobis;
  • its acquisition of an equity stake in Murphy Group Scotland;
  • its acquisition of an equity stake in Blakes Financial Management;
  • its acquisition, via portfolio company Cardan Financial Group, of Bloomfield Wealth Management;
  • its acquisition, via portfolio company Marine Alliance, of Speedwell Insurance Brokers;
  • its acquisition of an equity stake in E.E.N Holding;
  • its acquisition, via portfolio partnership company Dartington Wealth Management, of Provisio Holdings;
  • its acquisition of an equity stake in Qi Financial Solutions;
  • its acquisition of an equity stake in Radcliffe & Co (Life & Pension);
  • its acquisition of an equity stake in Hoyl Independent Advisers; and
  • its acquisition of an equity stake in Cheltenham IFA.
  • Söderberg & Partners/Fidelius: UK, Equity investment in Vobis (May 2025)
  • Söderberg & Partners: UK, Equity investment in Moneyweb 123(April 2025)
  • Söderberg & Partners: UK, Minority equity investment in Murphy Group Scotland (April 2025)
  • Söderberg & Partners: UK, Equity investment in Blakes Financial Management (April 2025)
  • Söderberg & Partners / Cardan Financial Group: UK, Acquisition of Bloomfield Wealth Management (April 2025)
  • Finli Group: UK, Acquisition of Schaefer Financial Management (March 2025)
  • Finli Group: UK, Acquisition of MMR Financial Planning (March 2025)
  • Söderberg & Partners / Marine Alliance: UK, Acquisition of Speedwell Insurance Brokers (February 2025)
  • Söderberg & Partners / Dartington Wealth Management: UK, Acquisition of Provisio Holdings (January 2025)
  • Söderberg & Partners: UK, Acquisition of Francis Clark Financial Planning (January 2025)
  • Söderberg & Partners: UK, Acquisition of Qi Financial Solutions Ltd (January 2025)
  • Söderberg & Partners: UK, Acquisition of Radcliffe & Co Independent Financial Advisers (January 2025)
  • Söderberg & Partners: UK, Equity investment in E.E.N Holding (December 2024)
  • Söderberg & Partners: UK, Acquisition of Hoyl Independent Advisers (December 2024)
  • Söderberg & Partners: UK, Acquisition of Intelligent I-FA (December 2024)
  • Söderberg & Partners: UK, Acquisition of Mosaac (December 2024)
  • Söderberg & Partners: UK, Acquisition of George Square (October 2024)
  • Söderberg & Partners: UK, Acquisition of Cheltenham IFA (October 2024)
  • Söderberg & Partners: UK, Acquisition of Bluezone Capital (October 2024)
  • Söderberg & Partners: UK, Acquisition of Alexander Bates Campbell (October 2024)
  • Brooks Macdonald: UK, Acquisition of Lucas Fettes Financial Planning (September 2024)
  • Arion Bank: UK, Acquisition of Arngrimsson Advisors (September 2024)
  • Wren Sterling (backed by Lightyear): UK, Acquisition of Howe Maxted Financial Services (July 2024)

Fund management M&A

  • Crédit Agricole: Asset servicing, Acquisition of remaining 30.5% of CACEIS (December 2024)
  • Telemos Capital: Fund administration, Acquisition of majority stake in Permian (July 2024)

Debt servicing M&A

Deal highlight:

White & Case advised doValue, a leading pan-European financial services provider, on:

  • its acquisition of coeo Group, a German-headquartered digital receivables management platform, from Waterland Private Equity and certain minority shareholders; and
  • its acquisition of Gardant, the Italian credit management business.
  • doValue: Germany, Acquisition of coeo (July 2025)
  • doValue: Italy, Acquisition of Gardant (July 2024)
  • Intrum: Spain, Acquisition of 15% of Aktua Soluciones Financieras Holding (July 2024)

Professional services M&A

Disposals:

  • Evelyn Partners: UK, Disposal of professional services business (January 2025)

Acquisitions:

  • Apax Partners: UK, Acquisition of Evelyn Partners' professional services business (January 2025)
  • Oaktree: Australia, Acquisition of stake in AZ NGA (September 2024)

Direct lending / credit management M&A

  • Franklin Templeton: UK, Acquisition of majority stake in Apera Asset Management (June 2025)
  • Unicaja Banco: Private capital lending, Private lending JV with Zenon Asset Management (June 2025)
  • Santander: Supply chain finance, Supply chain finance JV with Pemberton Asset Management (December 2024)

Private equity fund M&A

  • Andbank: Andorra, Acquisition of 14.5% of Diana Capital (April 2025)
  • Banco Santander: Spain, Acquisition of 89.9% of Tresmares Capital (March 2025)
  • Orbyn: Spain, Acquisition of Dozen Investments (November 2024)
  • Kutxabank: Spain, Acquisition of 63% of Talde Gestion (October 2024)

Strong investor appetite

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:

  • CVC, Nordic Capital & Platinum Ivy: UK, Acquisition of Hargreaves Lansdown (March 2025)
  • Nordic Capital and Ontario Teachers' Pension Plan Board: Sweden, Equity investment in Max Matthiessen (December 2024)
  • TPG: US, Acquisition of minority stake in Homrich Berg (September 2024)
  • Oaktree Capital Management: UK, Acquisition of Close Brothers Asset Management (September 2024)
  • Mayfair Equity Partners: UK, Acquisition of majority stake in VG (July 2024)
  • Aquiline Capital Partners: UK, Acquisition of majority stake in Isio Group (July 2024)
  • KKR and TA Associates: Sweden, €265 million equity investment in Soderberg & Partners (July 2024)

Foreign investors:

  • Lunate: UK, Equity investment in Azura Partners (April 2025)

MBOs:

  • Abrdn: UK, Disposal of Focus Solutions by way of MBO (November 2024)

Non-profit:

  • Fondazione Cariplo: Italy, Acquisition of 9.96% of Quaestio Holding (June 2025)
  • Fondazione Cassa dei Risparmi di Forlì: Italy, Acquisition of 6.84% of Quaestio Holding (June 2025)
  • Fondazione Cariparma: Italy, Acquisition of 12% of Quaestio Holding (June 2025)
  • Fondazione Sardegna: Italy, Acquisition of 12% of Quaestio Holding (June 2025)
  • Fondazione Sparkasse di Bolzano: Italy, Acquisition of 10% of Quaestio Holding (June 2025)

Public market:

  • Brock Milton Capital: Nasdaq First North Growth Market IPO (April 2025)

Cash-out

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:

  • Altor: Norway, Disposal of Carnegie (October 2024)

Asset managers:

  • Goldman Sachs Asset Management: Italy, Disposal of 15% of Prima Assicurazioni (July 2025)

Differing prerogatives of Europe's banks

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):

  • BNP Paribas: Germany, Acquisition of HSBC Continental Europe's German custody business (June 2025)
  • Belfius Bank: Belgium, Acquisition of 33% of Candriam (May 2025)
  • Nomura: U.S. & Pan-European, Acquisition of Macquarie's U.S. and European public asset management business (April 2025)
  • Banco BPM: Italy, Acquisition of 89.9% of Anima Holding via public tender offer (April 2025)
  • ING: Netherlands, Acquisition of 17.6% of Van Lanschot Kempen (March 2025)
  • Delen Private Bank: Netherlands, Acquisition of Petram & Co (February 2025)
  • BNP Paribas: France, Acquisition of Axa's asset management business (December 2024)
  • S-Bank: Finland, Acquisition of Svenska Handelsbanken's Finnish private customer, asset management, and investment services business (November 2024)
  • Delen Private Bank: Belgium, Acquisition of Dierickx Leys (July 2024)
  • BPCE / Caisse d'Epargne et de Prévoyance Hauts de France: France, Acquisition of Bank Nagelmackers (July 2024)

Tag-in (JVs):

  • Azimut: Italy, Partnership with FSI to launch TNB (May 2025)

Tag-out (disposals):

  • Svenska Handelsbanken: Finland, Disposal of Finnish private customer, asset management, and investment services business (November 2024)
  • IHAG Privatbank: DACH, Disposal of client book (September 2024)
  • HSBC Germany: Germany, Disposal of private banking operations (September 2024)

Wealth Tech

  • RockFi: Wealth Tech, Successful €18 million Series A funding round led by Partech (March 2025)
  • Flanks: Wealth Tech, Successful €14 million funding round led by Motive Ventures (February 2025)
  • Fundment: Client management SaaS, Successful £45 million Series C funding round led by Highland Europe (January 2025)
  • QPLIX: Wealth Tech, Successful €25 million equity investment from Partech (Growth Fund) (November 2024)

Digitalization marches on

  • Amundi: Germany, Acquisition of Aixigo (November 2024)
  • Apex Group: Luxembourg, Acquisition of majority stake in Tokeny (May 2025)
  • Quilter: UK, Acquisition of NuWealth (September 2024)
Download the PDF version here
Financial institutions M&A: Sector trends - September 2025 - Asset/Wealth Management (PDF) 

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

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Prof. Dr. Roger Kiem
Prof. Dr. Roger Kiem
Partner|Frankfurt
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Mergers & Acquisitions, Financial Institutions, Sovereigns, Fintech, Shareholder Activism

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