A summary of wealth management and private client firms’ M&A activity in the second half of 2024.
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Here is an overview and summary of the wealth management and
private bank corporate actions, particularly mergers and
acquisitions, during the second half of 2024. In the
following deals, the purchase price paid disclosed by some firms;
where no price is given, the firms have typically declined to do
so. Some of the terms and details are subject to
revision.
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Citigroup, HSBC
The bank completed its sale of retail wealth management in
mainland China. HSBC Bank (China), a wholly owned subsidiary of
HSBC, said it wrapped up the acquisition.
360 ONE WAM
360 ONE WAM, an India-based wealth manager for ultra-high worth
clients, agreed to buy all of ET MONEY in a stock swap and cash
transaction.
JTC
The global professional services business headquartered in Jersey
bought Cayman-based FFP, which provides specialist fiduciary
services to fund, trust and corporate clients.
UBS
UBS and Founder Securities Co Ltd sold its 85.01 per cent stake
in Credit Suisse Securities (China) – or CSS – to Beijing
State-owned Asset Management Co. The transaction involved UBS’s
36.01 per cent stake in the Chinese business for a total of $91.4
million, and Founder Securities’ sale of a 49 per cent stake,
worth $124 million. Founder Securities is a Chinese securities
business which was listed in Shanghai in 2011.
BSAM, UBS
Beijing State-owned Asset Management, or BSAM, reportedly intends
to auction off a 33 per cent stake in the joint venture, UBS
Securities.
Carlyle, Apex Group
Carlyle’s global credit business and the private credit arm of
Goldman Sachs committed more than $1.1 billion into Apex Group, a
global financial services provider that is on an expansion drive,
which includes making a series of acquisitions. Carlyle and
Goldman Sachs committed to Holdco PIK Notes of Apex to continue
to support its growth plans, Apex. The new commitment builds on
the firms’ continued relationship with Apex, following an initial
Preferred Equity Note in 2020 and a follow-on issuance in 2021.
The financial terms of the deal were not disclosed.
Alliance Witan
Two investment trusts listed in the UK, Alliance Trust and Witan
Investment Trust, agreed to merge into a single entity, Alliance
Witan, holding net assets of about £5 billion.
London & Capital, Waverton
UK-based wealth manages London & Capital and Waverton Investment
Management Group completed their merger deal. The transaction
built a business with a total of £19 billion ($24.1 billion) in
AuM.
BlackRock
The firm paid for alternative asset management data provider
Preqin for £2.55 billion (about $3.2 billion) in cash. The deal
combined Preqin’s data and research tools with Aladdin’s workflow
capabilities in a unified platform.
Janus Henderson
The firm has obtained all regulatory approvals to buy Tabula
Investment Management, a firm operating from London. Tabula
provides exchange-traded funds in the European market, and
concentrates on fixed income and sustainable investment, with
more than $500 million in assets under management and funds
listed across 10 European exchanges.
LLB
LLB Group agreed to buy all shares of Zürcher Kantonalbank
Österreich AG, a bank with locations in Salzburg and Vienna. The
transaction boosts LLB’s business volume by around SFr3 billion.
Both parties agreed not to disclose the purchase price, which
will be paid in cash.
Fintel
Fintel, the parent company of SimplyBiz and Defaqto and provider
of fintech and support services to the UK retail financial
sector, completed its acquisition of threesixty from abrdn. The
acquisition considered of a gross upfront cash consideration of
£14.6 million.
Utmost Group
Utmost Group agreed to buy Lombard International Assurance
Holdings Sarl – covering the latter’s European business. As part
of the deal, Utmost Group paid £200 million, financed via
borrowing. The business was bought from funds run by US-listed
Blackstone Group.
GAM Holding
GAM Holding agreed to transfer its management company activities
in the UK, Ireland and Luxembourg to Apex Group, the financial
services business.
Titan Wealth
Titan Wealth acquired the AHR Group, an international financial
planning and wealth management firm headquartered in Dubai,
United Arab Emirates. AHR advises and manages $2 billion of
assets under advice and under management.
Titan Wealth also bought Channel Islands-based Ravenscroft
Investments, a wealth management services business.
The firm also bought Independent Wealth Planners (IWP), a
provider of financial planning solutions across the UK. The
transaction encompassed IWP’s two trading entities (IWP Financial
Planning and IWP Investment Management) and about £6.6 billion
($8.3 billion) of client assets, bringing Titan Wealth’s total
assets under management to about £35 billion.
Saffery
Saffery, an accounting and advisory firm, completed the
acquisition of AWFM Sport. AWFM Sport, formerly Arena Wealth
Partners, has established itself over the last two decades as an
advisor for international sportspeople. It provides a range of
tax, accounting, compliance and business management services to
clients including top ATP-ranked tennis stars and Ryder Cup golf
champions.
Evelyn Partners
Evelyn Partners agreed to buy Haines Watts’ Leeds, Manchester and
Newcastle offices. The teams in these locations provide a range
of services and solutions to support entrepreneurial,
owner-managed businesses. The acquisition brings five partners,
nine directors, and over 150 colleagues from Haines Watts into
Evelyn Partners’ professional services business.
UBP
Union Bancaire Privée agreed to buy Société Générale Private
Banking Suisse and SocGen’s UK and Channel Islands wealth
management arm – SG Kleinwort Hambros. The total consideration is
for about €900 million ($981 million). Société Générale said that
almost €25 billion of assets under management are covered by the
agreements, as of the end of December 2023. The consideration
included equity; the sale boosted SocGen’s group Common Equity
Tier 1 ratio by about 10 basis points.
Quilter
UK-based Quilter Financial Planning added four new representative
firms to its advice network: Andy Caterer Wealth Management; Fort
Veritas Wealth; Dickson & Co Wealth Management, and Crandles &
Co.
Centralis Group
Luxembourg-based Centralis Group, a global alternative asset and
corporate services provider, acquired Oakford Advisors, an
outsourced service provider with locations across the UK.
Oakford, which was founded in 2017, provides services focused on
alternative fund clients, primarily hedge funds, private equity
and real estate structures.
Hargreaves Lansdown
A group of investors including CVC Group, Abu Dhabi’s sovereign
wealth fund and Nordic Capital – a private equity house – have
agreed to buy UK investment platform Hargreaves Lansdown for £5.4
billion ($6.88 billion) in cash.
JTC
JTC announced its proposed acquisition of Buck UK and European
Share Plan Administration and Trustee businesses from Arthur J
Gallagher, a global insurance brokerage, risk management and
consulting services firm.
Cambridge Associates
Cambridge Associates agreed to buy SIGLO Capital Advisors, an
alternative investment house based in Zurich.
Quilter
UK wealth manager Quilter acquired NuWealth, a fintech business,
to enhance its digital capabilities and support customers and
advisors more effectively.
Zedra
Zedra, a specialist in active wealth, corporate and global
expansion, fund solutions, pensions and incentives, completed its
acquisition of Blackstones, with offices across Poland.
Canaccord Genuity
Canada’s Canaccord Genuity said its wealth management business in
the UK & Crown Dependencies, aka CGWM UK, agreed to buy the
international arm of London-listed Brooks Macdonald Group. Brooks
Macdonald Asset Management (International, or BMI, which was
founded in 2012, provides investment management, financial
planning and fund management services through its offices in
Jersey, Guernsey, and the Isle of Man. As of 30 June 2024, BMI
had £2.3 billion ($3.0 billion) in funds under management and an
annual revenue of £19.9 million.
Canaccord paid £28 billion to buy the business, with an added
contingent consideration of up to £22.85 million payable on the
second anniversary of completion, subject to meeting certain
revenue targets.
Canaccord Genuity – through its wealth management business in the
UK and Crown Dependencies (CGWM UK) – completed its purchase of
Cantab Asset Management, a chartered, independent financial
planning business headquartered in Cambridge, UK.
JTC
JTC announced its proposed purchase of Citi Trust, the fiduciary
and trust administration services business, from Citigroup.
Brooks Macdonald acquired Norwich-based wealth manager Lucas
Fettes Financial Planning.
Lucas Fettes has about £890 million ($1.176 billion) assets under
advice in total, spread across 1,600 personal clients, plus about
£300 million in “assets under influence” from more than 300
corporate and employee benefits clients.
Vontobel
Vontobel acquired the client book from fellow Swiss firm IHAG
Privatbank, which oversees SFr3 billion ($3.53 billion) of client
money. The transaction, for an undisclosed sum, was expected to
have an immediate positive impact on Vontobel’s group net profit
and will be financed from the firm’s existing capital.
Close Brothers
Close Brothers sold its asset management business to funds run by
asset management house Oaktree Capital Management for an equity
value of up to £200 million ($266 million). Close Brothers said
the equity value of the deal, which included £28 million of
contingent deferred consideration in the form of preference
shares, represented a multiple of 27 times CBAM’s statutory
operating profit after tax for the 2024 financial year.
Saltus
Wealth manager Saltus has acquired Tavistock’s financial advice
businesses, Tavistock Partners and Tavistock Partners (UK),
subject to approval from the regulator, for a total consideration
of up to £37.75 million ($49.75 million). The new combined
business has assets under advice and management of over £7
billion and more than 300 staff – with this transaction
contributing £2.4 billion of assets under advice.
Cazenove
Cazenove Capital, part of UK-based Schroders Wealth Management,
completed its purchase of wealth manager, Whitley Asset
Management, after receiving regulatory approval.
Lagom Family Advisors
Lagom Family Advisors, a business based in Chiasso, southern
Switzerland and founded in 2017, was acquired by Swiss group
Ceresio Investors. Ceresio, owned by the Italian-Swiss Foglia
family, conducted the transaction through parent firm Banca del
Ceresio in Lugano.
ACA Group
ACA Group acquired the Effecta Compliance Group, a regulatory
consultancy practice that supports financial services firms
throughout the UK and the UAE.
M&G
M&G Real Estate acquired a 65 per cent stake in BauMont Real
Estate Capital Limited (BauMont) – a European real estate fund
manager specialising in value-add investment strategies in
Western Europe.
Brooks Macdonald
Brooks Macdonald, a wealth management firm, acquired CST Wealth
Management, a chartered financial planning firm based in Wales.
CST Wealth Management, which has assets under advice of about
£170 million ($221 million), has a base of approximately 500
clients.
Hunters
Hunters Law and Peachey & Co announced their merger to form a
strengthened multidisciplinary firm, to be known as Hunters.
LGT
LGT, the Liechtenstein-headquartered group, agreed to buy the
personal advice business of Australia’s CBA. The acquired
business has more than SFr2.8 billion ($3.18 billion), serves
high net worth and ultra-HNW clients, and has about 40 advisors,
associates and support staff.
Succession
Succession Wealth acquired Leeds-based True Wealth Group, a
financial planning and wealth management group with £1.1 billion
($1.4 billion) in assets under advice.
Amundi
Amundi, the European wealth management house, bought aixigo, a
technology company that has built a modular service offering for
distributors of savings solutions, for €149 million ($159.9
million).
Evelyn Partners
Evelyn Partners agreed to sell its professional services business
to funds advised by Apax Partners. The transaction, which is
subject to regulatory approval, is expected to complete in the
first quarter of 2025. The acquired organisation will be
rebranded as S&W, building on the heritage of Smith &
Williamson which was founded in 1881. The deal will produce two
standalone businesses: Evelyn Partners, a UK wealth manager, and
S&W, a professional services firm and mid-market
accountancy.
BlackRock
BlackRock agreed to buy global credit investment manager HPS
Investment Partners, a business with about $148 billion of client
assets, for a purchase price of around $12 billion. Blackrock
bought HPS entirely with BlackRock equity, exchangeable on a
one-for-one basis into BlackRock common stock.
ZEDRA, which specialises in providing wealth, corporate services
and fund services, invested into a French firm RBB Business,
which delivers accounting, HR and tax services to domestic and
international clients. Following the investment stake, 33 RBB
Business staff in Paris and Auray joined ZEDRA, taking the latter
firm’s total headcount to more than 1,200 people in 17
countries.
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