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M&A Deal tracker, Scorpio Partnership – March 2016
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2016 Scorpio PartnershipWealth Management Deal Tracker
Strategic insight of the global trends in M&A
London – March 2016
6
© Scorpio Partnership 2016 |
M&A Deal tracker, Scorpio Partnership – March 2016
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© Scorpio Partnership 2016 |
M&A Deal tracker, Scorpio Partnership – March 2016
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© Scorpio Partnership 2016 |
M&A Deal tracker, Scorpio Partnership – March 2016
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Contents
Executive summary 5
Key points 9
Detailed assessment of the wealth management deal market 18
Section one: Sustained M&A activity 19
Section two: Growing demand for Domestic assets 25
Section three: Selected regional trends 29
Section four: UK-focused transactions 33
Full list of deals 44
Terminology: Definitions 63
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M&A Deal tracker, Scorpio Partnership – March 2016
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EXECUTIVE SUMMARY
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M&A Deal tracker, Scorpio Partnership – March 2016
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Executive summary
Welcome to our 2016 Wealth Management M&A Deal Tracker report covering the global industry. The last 12 months have been a strong
year for deal makers in wealth management worldwide. The number of reported deals covered in this report in 2015 reached 124. This is
the highest number in the eight years that Deal Tracker has been prepared.
While the quantity of deals reached a new peak, the quantity of assets under management (AUM) changing ownership actually fell
markedly. In 2015, USD408 billion changed hands. This was a 47.7% drop from the peak asset transfer figure reached in 2013. The AUM
volume data only tells one side of the story but looking closer at the deals concluded it is clear that a much higher number of deals took
place among the much smaller wealth managers.
Another noteworthy global trend in 2015 has been the growth of the domestic to international deals ratio, which has risen steadily since
2013. The higher demand for domestic deals has been reflected in the price to AUM ratios. For domestic deals, this price to AUM ratio
has increased by 0.1% from 2014 to 2.2% in 2015, while price to AUM for international deals dropped from 2.0% to 1.6%. This suggests
the domestic agreed valuations may now be steadying in the marketplace for onshore businesses. International businesses continue to
have a slightly higher volatility in valuations.
A motivator for the deal impetus is likely to be the continued pressure on cost-income ratios. The margins many businesses are
experiencing in wealth are under acute pressure due to regulation (MiFID being “the big one” for the coming 12-24 months), competition
and the cost-to-serve clients. The latter is of particular interest to Scorpio Partnership as it is the area where wealth managers have the
best chance of introducing better controls. Currently their answer to this appears to be to pursue scale through a dealmaking solution.
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M&A Deal tracker, Scorpio Partnership – March 2016
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Executive summary
In terms of the operators writing or accepting cheques this year, there have been a few regional trends in the big players of the wealth
management industry. Large exits are happening in India with RBS selling its Private Wealth (India) division to Sanctum Wealth
Management and HSBC shutting down its Indian Private Banking operations. Meanwhile in Switzerland many large banks are acquiring,
namely Vontobel, Julius Baer, and UBP. But the type of deals they are consummating are very different in terms of strategic intent.
UBP appears to be the firm most set on making large scale purchases while Julius Baer has mostly continued its approach for buying
strategic stakes in vital markets. Notably, Julius Baer is now fully through its Bank of America Merrill Lynch International purchase so
perhaps this strategic approach is due for a step change. Considering the ongoing effort to improve transparency in Swiss banking,
smaller banks could find it hard to survive in a drastically changing environment. The three Swiss banks appear to be setting the pace for
their local neighbours but perhaps it is prefacing a larger Swiss “fight back” in the international markets.
One final note of reference for all our readers: the analysis has attempted to capture as many deals as possible. However, given the
breadth of the wealth industry it is inevitable some deals may not have been included. Ultimately, this report seeks to provide a trend–
based assessment of the market that can provide the reader with an extremely detailed picture in a complex market. Our view is that
better insight will enable readers to develop conclusions and thus their future strategy.
With that in mind, before you delve further into the charts and content, the key themes have been spotlighted overleaf.
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M&A Deal tracker, Scorpio Partnership – March 2016
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M&A trends
Prevailing M&A industry themes:
1. Price to AUM ratios – signs that a floor is being reached overall in terms of pricing tolerance, particularly at home.• The upward trend in price to AUM ratio continues overall throughout 2015; although cross border deals are experiencing more
price volatility.• Notably, smaller businesses are commanding higher multiples as the race for enhanced targeted distribution picks up.
Although, mid-sized operators (USD5bn-10bn) had the best year so far in terms of multiples suggesting a few big opportunities.
2. Number of M&A deals reach new peak – the pace is up but the quantum is down. The new normal is “little and often”.• M&A deals are continuing on an increasing trend since 2008, with 2015 showing a rebound from the slowdown in 2013. There
is no suggestion that the pace will taper in 2016.
3. Smaller sized firms heavily involved in the action – could this be the tail-end of the boutique wealth sell off started in 2009?• A global trend is seen in a larger amount of M&A activity among smaller firms from the fact that although the number of deals is
much higher, total AUM exchanged hands is lower than in 2013 and 2014.• Taking into account a growing number of local and EU regulations impacting on the cost of doing business with wealthy
clients, smaller firms are continuing to feel the most margin pressure and this is the tipping point of their move into the M&A market.
4. International deals – what’s next? Are a select group of the Swiss coming back to participate on the main stage?• A noteworthy selection of the big wealth management players in the market are maintaining the trend of selling off their non-
core international wealth management units in order to focus on core private client business. • The number of Swiss private banks with serious international ambitions has continued to be on a downward path. This year’s
Deal Tracker shows large Swiss wealth managers acquiring at a similar pace to last year and statements by these operators point to an expected continuation of this pace into 2016.
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M&A Deal tracker, Scorpio Partnership – March 2016
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KEY POINTS
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M&A Deal tracker, Scorpio Partnership – March 2016
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1021 21 25
35
7665
108
14
227
1814
24
18
16
24 43 28 43 49 100 83 124
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er o
f d
eals
Domestic International
2015 was a peak year in transactions while the ratio of domestic to international deals has been growing steadily
A global trend for domestic deals is the headline for 2015. A 50% uptick in the number of deals is reflective of the changing landscape of M&A in the wealth management sector. A considerable number of deals were in the frontline advisors space as distribution pressures mount, with more firms on the market.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Domestic / International deals: 2008 – 2015
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Cheque-book momentum: North America and the UK were the most active buyers in 2015, leaving other regions far behind
North America’s activity was significantly driven by the RIA and Wealth Management sectors in 2015. A surge in IFA deals within Australia has driven up activity in APAC, most prominently AZ Next Generation Advisory’s six acquisitions this year as part of a sustained roll up strategy.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Total number of deals by acquirer region: 2008 – 2015
2 7 8 412 10 9
45
810 6 9
1 7 7
7
6
114 7 5
135
10
5
49
19 26
59
54
49
1
10 24
8
6
13
11
1
1
21
1
3
1
24 43 28 43 49 100 83 124
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er o
f d
eals
North America Europe (Ex. Switzerland & UK) Switzerland
UK APAC Latin America
Middle East & Africa
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Distribution is the flavour of the year: Global investment advisers sector dominates the M&A activity in 2015 in terms of the number of deals
The UK’s IFAs topped the charts for the number of acquisitions. This data sector include Bellpenny, who acquired ten new firms this year, bringing its total acquisition count since 2013 up to a whopping 32. AFH has also been active this year with eight new acquisitions.
Total number of deals by target business model: 2008 – 2015
Note: The option labelled “Other” includes Fiduciary Services, Corporate and Retail Banking, Brokerage, Family Office, and Platform Businesses
9 7 7 413
2518
297 158 15
8
911
12
5
16
512
15
1820
13
2
2
1
1211
2827
48
17
1
3
7
2
20
7
5
24 43 28 43 49 100 83 124
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er o
f d
eals
Wealth Management Private Banking Asset & Investment management IFA RIA Other
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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M&A Deal tracker, Scorpio Partnership – March 2016
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Reflecting an increased demand for smaller firms, premiums paid on under USD1bn businesses have risen 1.5 times since 2013
The growing P/AUM in smaller deals is indicative of the maturing independent advisers market which has not yet fully realised its value-creation potential and is likely to continue to increase.
Price to AUM (%) across business sizes (USD AUM bn): 2013 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
2.3%
1.8%
3.2%
1.1%
2.2%
2.1% 2.1%
1.7%
1.5% 1.3%
2.0%
1.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
<USD1bn USD1-5bn USD5-10bn USD10bn+
Pri
ce /
AU
M,
%
Size of acquired business (USD bn)
2015 2014 2013
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Change of advised ownership in global wealth: USD 2.6 trillion changed hands in wealth sphere in the last 8 years
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Regional breakdown of acquired assets: 2015 (2008 – 2015 in brackets)
USD279.0bn(USD808.6bn)
USD0.2bn(USD39.2bn)
USD22.0bn(USD323.8bn)
USD28.4bn(USD642.1bn)
USD46.9bn(USD282.8bn)
USD32.0bn(USD534.0bn)
North America
United KingdomSwitzerland
Europe (ex.UK/Sw)
Asia Pacific
LATAM
41
6518
16
2
Note: The numbers in circles represent the number of target firms acquired in the respective region in 2015
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Total AUM acquired has dropped 47.7% compared to the peak in 2013 but relatively stable compared to 2014
The volume of assets changing hands in 2015 differed very little from the previous year although there was a big drop in businesses with an international book and a corresponding big rise in domestic AUM deals. Overall the big fall in quantum is shown from 2013 to 2015.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Domestic / International AUM acquired (USD bn): 2008 – 2015
14
182
61 105
238 290
142
321
32
110
4 36
199
490
320
87
46 292 65 141 437 780 461 408
0
100
200
300
400
500
600
700
800
900
2008 2009 2010 2011 2012 2013 2014 2015
AU
M a
cqui
red
, U
SD
bn
Domestic International
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M&A Deal tracker, Scorpio Partnership – March 2016
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In 2015 Switzerland leads the way with the size of firms acquired at USD9.4bn on average
North America, Switzerland and Europe continue with larger players involved in the M&A action, such as Julius Baer, RBC, and Vontobel. While in the UK IFAs are more active, reflecting on the low average AUM acquired per deal.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Average AUM acquired per deal (USD bn): 2008 – 2015
23.9
59.4
8.05.6
1.6
8.34.1
19.8
5.9 4.66.4
8.2 8.0 9.4
0.9 1.8 0.20
10
20
30
40
50
60
70
North America Europe (Ex.Switzerland &
UK)
Switzerland UK APAC Latin America
Ave
rag
e A
UM
acq
uir
ed,
US
D b
n
2013 2014 2015
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M&A Deal tracker, Scorpio Partnership – March 2016
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IFA consolidation is expected to continue, but challenges may be faced as the supply of opportunity dries up
The Middle East & Africa and Latin America regions are still lacking in M&A activity, while in the APAC region a surge of IFA consolidation is happening. With demand for improved technology globally, we can expect more M&A activity next year.
Distribution of deals within regions, by target business model
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Note: MEA and Latin America were excluded due to lack of data.The option labelled “Other” includes Fiduciary Services, Corporate and Retail Banking, Brokerage, Family Office, and Platform Businesses
14%
14%
37%
42%
13%
40%
33%
43%
19%
2%
2%
7%
8%
75%
60%
17%
57%
6%
33%
8%
25%
10%
33%
13%
33%
13%
33%
73%
53%
17%
63%
41%
4%
6%
5%
17%
33%
0% 25% 50% 75% 100%
UK (N=51), 2015
UK (N=51), 2014
North America (N=41), 2015
North America (N=12), 2014
Europe (Ex. Switzerland & UK) (N=8), 2015
Europe (Ex. Switzerland & UK) (N=5), 2014
Switzerland (N=6), 2015
Switzerland (N=7), 2014
APAC (N=16), 2015
APAC (N=6), 2014
% of deals
Wealth Management Private Banking Asset & Investment management IFA RIA Other
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DETAILED ASSESSMENT OF THE WEALTH MANAGEMENT DEAL MARKET
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SECTION 1:Sustained M&A activity
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Price to AUM ratio rebounded after a major dip in 2013 and is now nearing on the 8-year average
The quantity of deals has picked up which may have had an impact on the deal valuations at a market level in 2015. A closer review of the deal profiles show that the appetite for IFA and RIA business models was very strong –which suggests a renewed attempt to buy market share through accessing front line distribution.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
8 YEAR AVERAGE = 2.5%
Note: Acquisition involving City National and RBC has been omitted due to abnormally high P/AUM ratio
Global Price to AUM, %: 2008 – 2015
3.69%
4.60%
2.61%
2.13%
1.69%
1.35%
2.06% 2.14%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
2008 2009 2010 2011 2012 2013 2014 2015
Pri
ce /
AU
M,
%
Overall
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M&A Deal tracker, Scorpio Partnership – March 2016
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24
43
28
4349
100
83
124
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er o
f d
eals
UK IFA deal pace increases a notch in 2015 – perhaps given there are over 4,500 IFA businesses in the UK there may be much more to come
30% of the total M&A deals in wealth management area in 2015 were in the UK IFA sector, 1.4 times the previous year. With a over 4,500 financial advice firms in the UK in 2015, advisory M&A market is far away from being exhausted.
UK IFA market
37*
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Total number of deals: 2008 – 2015
*UK IFA market focuses on 2013, 2014 and 2015 where the number of deals was significant. Pre 2013 there was little emphasis on this sector.
UK IFA market
27*
UK IFA
market28*
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The P/AUM trend line across business sizes has become steeper from 2013 to 2015 Bigger deals tend
to yield lower P/AUM ratios, possibly reflecting the limited volume of such deals.
Smaller deals have been yielding increasingly higher P/AUMs over the last 3 years suggesting a united front of firms gearing up their resources to tackle regulatory changes collectively
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
Linear pricing trendlines across business sizes (USD AUM bn): 2013 – 2015
Note: Acquisition involving City National and RBC (AUM USD50bn+) has been omitted due to abnormally high P/AUM ratio
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
<USD1bn USD1-5bn USD5-10bn USD10bn+
Pri
ce /
AU
M,
%
Size of acquired business (USD bn)
Linear (2015) Linear (2014) Linear (2013)
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Cost-income ratios are rising in the wealth management sphere, in line with the rising prices of deals
61.9%
70.6%
75.1% 75.0% 74.6% 74.5%
78.6% 78.8%
65.5%
87.6%
81.3%
86.7% 85.6% 85.9%88.1%
89.9%
40%
60%
80%
100%
2007 2008 2009 2010 2011 2012 2013 2014
Co
st in
com
e ra
tio
, %
All banks Diversified Pure player
CIR average for 25 largest global private
banks
While the full industry average reflected here demonstrates tighter margins, it is notable that CIRs for the largest 25 wealth managers by AUM in 2014 had average CIRs of 75.1%. Again, scale appears to present efficiencies that smaller operators are struggling to keep pace with.
Cost-income ratio by business model; time series 2007 – 2014
Source: Scorpio Partnership Global Private Banking Benchmark 2015
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The diversified business model is now consistently growing AUM at a faster pace than pure players
The pursuit of a pure player target operating model has been a fashion for the past five years in some corners of the industry. For some it represents a simplified and lean solution that is free of conflict and is preferred by clients. However, the KPI results show the diversified target operating model is the major winner on growth and operating efficiencies. The faster rate of AUM suggests more clients bank there too.
147.5 136.1 139.8
150.2
130.4 124.4
155.7
173.1
26.3 20.2
26.3 31.1 29.8 32.1 33.2
38.2
0
40
80
120
160
200
2007 2008 2009 2010 2011 2012 2013 2014
Ave
rag
e A
UM
, U
SD
bn
All banks Diversified Pure player
Average assets under management by business model; time series 2007 – 2014
Source: Scorpio Partnership Global Private Banking Benchmark 2015
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SECTION 2:Growing demand for Domestic assets
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In 2015, international deals were more costly than domestic ones, reversing the trend of 2013 and 2014
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
The downward trend of the international deals pricing is reflective of the fact that international deals tend to be larger in value. The average volume of AUM purchased is now at USD10.9bn in comparison to USD4.1bn for domestic.
Domestic and International Price to AUM, %: 2008 – 2015
5.5%5.3%
2.5%
1.2%1.4%
1.4%
2.1%2.2%
1.9%
3.2%
3.4%3.6%
2.6%
1.2%
2.0%
1.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2008 2009 2010 2011 2012 2013 2014 2015
Pri
ce /
AU
M,
%
Domestic International Overall
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M&A Deal tracker, Scorpio Partnership – March 2016
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83%61%
66%
58%64%
48%
77%80%
55%
100%100%100%
40%57%61%
17%39%
34%
42%36%
52%
23%20%
45%
60%43%39%
0% 25% 50% 75% 100%
Wealth Management, 2015Wealth Management, 2014
Wealth Management, 2008-2013
Private Banking, 2015Private Banking, 2014
Private Banking, 2008-2013
Asset & Investment Management, 2015Asset & Investment Management, 2014
Asset & Investment Management, 2008-2013
IFA & RIAs, 2015IFA, 2014
IFA, 2008-2013
Other, 2015Other, 2014
Other, 2008-2013
% of deals
Domestic International
Location, location, location: in 2015, the share of domestic deals has grown across the majority of business models
The business models of the deals over the course of the last 8 years suggest that the share of domestic deals increased most significantly in the wealth management sphere.
Domestic and International deals by business model: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal TrackerNote: The option labelled “Other” includes Fiduciary Services, Corporate and Retail Banking, Brokerage, Family Office, and Platform Businesses
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M&A Deal tracker, Scorpio Partnership – March 2016
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86%94%94%
63%
42%
93%
32%
80%
38%
70%57%
83%
41%50%
81%
14%6% 6%
37%
58%
7%
68%
20%
63%
30%43%
17%
59%50%
19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008
-201
3
2014
2015
2008
-201
3
2014
2015
2008
-201
3
2014
2015
2008
-201
3
2014
2015
2008
-201
3
2014
2015
UK North America Europe (Ex.Switzerland &
UK)
Switzerland APAC
Per
cen
tag
e o
f d
eals
Domestic International
Domestic deals in 2015 surge from 2014; although there is an intriguing exception with Europe (Ex. Switzerland & UK)
While the UK M&A wealth management activity has been traditionally domestically-focused, and other regions splits varying, it is particularly interesting to see that APAC has showed a clear trend. This region has been actively developing its expertise. Europe’s datapoint may be a reflection of more intra-EU transactions.
Domestic and International deals as a percentage across regions: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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M&A Deal tracker, Scorpio Partnership – March 2016
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SECTION 3:Selected regional trends
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M&A Deal tracker, Scorpio Partnership – March 2016
30
Average P/AUM grew rather steadily in the UK in the last two years
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
While P/AUM ratios in Europe and Switzerland fell considerably in the last year, North America showed a trend towards more expensive deals.Buying the assets in Switzerland, North America and Latin America historically has been more expensive than in the rest of the world.
Regional Price to AUM, %: 2008 – 2015
4.1%3.9%
3.6%
2.4%
2.0%
1.6%
1.3%
1.8%
1.5%1.7%
2.1%
3.5%
2.4%
1.7%
1.1%
2.1%2.2% 2.3%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
North America Latin America Switzerland APAC UK Europe (Ex.Switzerland &
UK)
Pri
ce /
AU
M,
%
Average 2008-2013 2014 2015
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M&A Deal tracker, Scorpio Partnership – March 2016
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The 10 most active M&A players since 2008 (ranked by deal quantity)
# FirmNumber of
acquisitions*Total AUM acquired*
(USD bn)Regional focus Business focus
MAJOR ACQUIRERS (excluding UK IFAs)
1 Julius Baer 10 125.4 Global EXPANSION
2 Rathbone Brothers 8 5.8 UK GROWTH
3 AZ Next Generation Advisory 7 1.1 APAC (Australia) GROWTH
4 Banco Sabadell 5 3.8 Europe & North America EXPANSION
5 Brooks MacDonald 5 2.7 UK AUM GROWTH
MAJOR SELLERS
1 Commerzbank 7 24.8 Europe REORGANISATION
2 RBS 6 94.2 UK & AsiaNON-CORE ASSETS
DISPOSAL
3 Close Brothers 4 3.1 UK & Channel IslandsSALE OF NON-CORE
ASSETS
4 HSBC 4 35.1 Europe & Asia COST-EFFICIENCY
5 ING 4 70.4 Europe & AsiaSALE OF ASSETS AFTER STATE AID
Top 10 M&A market players: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker*Total number of deals and total AUM acquired includes all information wherever possible, in some cases this may not be publically available. We aim to include deals that involve (U)HNWI assets.
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M&A Deal tracker, Scorpio Partnership – March 2016
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Swiss banks consolidating in an attempt to optimise costs
List of most significant deals occurring in the Swiss region in 2015
# Date Acquirer Vendor Business model
1 March 2015 UBP Coutts International Wealth Management
2 July 2015 SYZ Group RBC (Suisse) Private Banking
3 September 2015 Vontobel Finter Bank ZurichInvestment Management
4 November 2015 Julius Baer Fransad Gestion IFA
5 November 2015 AMG Wealth Partners Systematica InvestmentsInvestment Management
6 November 2015 Banque Heritage Banque Hottinger & Cie Wealth Management
The number of Swiss banks continue to drop as stricter regulations surrounding the issue of secrecy are introduced. To keep up with these costly changes, smaller Swiss banks need to adapt or exit.
USD46.9 bn of clients assets
sold in Switzerland in
2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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M&A Deal tracker, Scorpio Partnership – March 2016
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SECTION 4: UK-focused transactions
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M&A Deal tracker, Scorpio Partnership – March 2016
34
29%
16%
32%
47%
53%
63%61%
41%
0%
10%
20%
30%
40%
50%
60%
70%
2008 2009 2010 2011 2012 2013 2014 2015
Sh
are
of
dea
ls
Share of UK deals
UK takes a step back in global M&A activity as other regional markets’ M&A picked up
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
8 year average = 43%
Acquisitions of UK-based firms was growing post-crisis and peaked in 2013 at 63% of the overall amount of deals registered.Since then, however, as other markets activity picked up, the UK is risking losing the crown of the wealth management M&A centre.
Share of the acquisitions in the UK in the overall number of acquisitions, %: 2008 – 2015
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M&A Deal tracker, Scorpio Partnership – March 2016
35
8 year average = 16%
While domestic M&A in the UK slowed down in 2015, international activity picked up
8 year average = 54%
Out of all domestic deals that happened in 2015, 44% were with a UK-based target. This is a considerable drop relative to its position in 2013, at 74% of the total deals but it continues to illustrate the magnetic pull of the UK wealth market.
Share of the acquisitions in the UK in the overall number of international and domestic acquisitions, %: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
40%
19%
43%
72%
66%
74% 74%
44%
21%
14%
11%
21%
29%
17%19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2008 2009 2010 2011 2012 2013 2014 2015
Sh
are
of
dea
ls,
%
UK share of domestic deals UK share of international deals
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The number of wealth management firms for sale in the UK dropped, with the IFA business model still in the lead
Independent adviser consolidation is not a surprising trend, it has been consistently rising since 2011. In total, for the last 8 years, there have been 119 acquisitions of UK-based advisers. In 92 cases, acquirers are other IFAs, yet there is a demand for advisors from investment managers and other firms.
Total number of the UK deals by target business model: 2008 – 2015
3 1 4 18
18
7 71 2
1
1 12 3 2 5
6
7
13
42 2 1
12
11
28
2737
2
1
9
3 2
7 7 9 20 26 63 51 51
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er o
f d
eals
Wealth Management Private Banking Asset & Investment management IFA Other
Source: 2016 Scorpio Partnership Wealth Management Deal TrackerNote: “Other” option includes Fiduciary services, Family Offices, Corporate and Retail Banking, Brokerage and Platform Businesses
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Out of USD 32.2bn, USD14bn of IFA assets were acquired by other IFAs since 2008
Total deals: 119
Average P/AUM: 1.79%
Total AUM: USD32.2 bn
Acquirer Location StrategyTotal AUM accumulated
(USD mn)
Towry Bracknell Wealth management focus 13,868
Bellpenny Reading Consolidation 6,365
Succession Plymouth Strategic national roll up 2,305
AFH Financial Bromsgrove Build scale and AUM 1,286
Mattioli Woods Leicester Build scale and AUM 1,781
SUBTOTAL 25,536
IFA consolidation examples: 2008 – 2015* United Kingdom
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
*IFA consolidation examples data incorporate acquisitions of both IFAs and non-IFAsNote: numbers in brackets on the chart represent the number of acquisitions made by the respective firm in 2008-2015
2,483
5,735
2,135 1,605 938 1,044
11,385629
170 176348 51
0
5,000
10,000
15,000
Towry (8) Bellpenny (29) Succession (7) Mattioli Woods (5) AFH Financial (33) Other firms (20)
AU
M,
US
D m
n
Acquisitions of IFAs, 2008-2015 Acquisitions of non-IFAs, 2008-2015
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Towry and Ashcourt Rowan merged to form a USD16bn firm
Total deals: 10
Average P/AUM: 1.35%
Total AUM: USD16.3 bn
Strategy: Consolidation
Towry and Ashcourt RowanReference date Acquisition target LocationAUM accumulation
(USD mn)
Towry
01/01/2008 Hazlems Financial Ltd London N/A
29/10/2009 Edward Jones (UK) Multiple locations 2,483
27/03/2013 Norscot Financial Services Glasgow N/A
05/09/2013 Bluefin Personal Consulting London 780
25/09/2013 Conclusion Financial Planning Aberdeen 24
20/12/2013 Deverill Black & Company (50.1%) Bristol N/A
29/04/2014 Baker Tilly London 2,524
08/05/2015 Ashcourt Rowan London 8.057
Ashcourt Rowan
13/12/2013 UK Wealth Management Yorkshire 2,118
13/01/2014 Generali Portfolio Management (UK) London 327
AVERAGE 2,330
SUBTOTAL 16,314
IFA consolidation example I: 2008 – 2015
Towry, backed by private equity firm Palamon Capital Partners since 2003 has focused on the UK IFA sector to drive growth. Ashcourt Rowan meanwhile is listed on the alternative investment market.
The Towry and Ashcourt Rowan integration will mark a new chapter in the IFA market consolidation play in the UK. Together, the firm will have a comprehensive foothold in the affluent and HNW advice-led market at a discounted overall pricing level to many of the other IFA major market competitors.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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Bellpenny continues acquisitions in line with its strategy
BellpennyReference date Acquisition target LocationAUM accumulation
(USD mn)
10/01/2013Brunning Newman Houghton, Private Portfolio, Solutions Financial Services & Vermillion Wealth
Tunbridge Wells, Sussex, Essex, Nottingham
484
17/01/2013 Monmouthshire (MIFA) Monmouthshire 160
09/05/2013 Foot Davson Chartered Accountants Tunbridge Wells 93
13/05/2013 Price Bailey Financial Planning Bishop’s Stortford 228
29/05/2013 The County Partnership Cheltenham 304
25/07/2013 Entire Wealth Manager Surrey 154
22/08/2013 KM Financial Advisers Glasgow 75
11/10/2013 Meridan Park Associates Berkshire 121
31/10/2013 Spofforths Financial Planning West Sussex 161
11/12/2013 MGW Glasgow 231
09/01/2014 Actuarial & Investment Services London 123
09/01/2014 The Hammond Consultancy Birmingham 184
17/03/2014 Personal & Corporate Financial Solutions Essex N/A
21/03/2014 MDM Associates Surrey 532
01/06/2014 SJL Welath Derby 68
12/05/2014 Hansen Lloyd Asset Management Colchester 127
05/08/2014 Torquil Clark Reading 1,518
01/09/2014 Reid, Scott & Ross Glasgow 178
01/12/2014 Unizone Essex 519
2015 DEALS CONTINUED ON THE NEXT PAGE
IFA consolidation example II: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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Bellpenny acquired 9 more IFAs in 2015, as well as an asset management firm
Total deals: 32*
Average P/AUM: N/A
Total AUM: USD6.4 bn
Strategy: Consolidation
BellpennyReference date Acquisition target LocationAUM accumulation
(USD mn)
16/03/2015 Legal & Professional Services Limited Farnham 59
13/04/2015City Wealth Management Independent Financial Advisors
Windsor 46
11/05/2015 Rawson Steele Warwickshire 59
12/05/2015 Caledonia Edinburgh Edinburgh 72
08/06/2015 TJ Financial Services Surrey 52
08/06/2015 TOR Financial Advisers Devon 34
06/07/2015 Cranfield Financial Services London 306
27/07/2015 Trustee Asset Management London 244
13/10/2015 Ashton KCJ Financial Planning Cambridge 93
13/10/2015 Principals in Practice Horsham 139
AVERAGE 227
SUBTOTAL 6,365
IFA consolidation example II: 2008 – 2015 cont’d
Bellpenny, the private equity - Oaktree Capital backed business has focused on the UK IFA sector to drive AUM growth and revenue growth. The firm continues its acquisition of scale in wealth management.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
*Bellpenny reports 32 acquisitions. The discrepancy between the number of deals is due to the fact that in elected instances Bellpanny was buying more than 1 firm, reporting a combined AUM acquired as a result of the deals
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Succession adds another USD186mn to its AUM in 2015
Total deals: 7
Average P/AUM: 3.3%
Total AUM: USD2.3 bn
Strategy: Mass accumulation
Succession
IFA consolidation example III: 2008 – 2015
Private equity – majority backed Succession intends to purchase GBP7 bn worth of AUM, with an initial target of achieving membership of 75-80 IFA businesses.
Reference date Acquisition target LocationAUM accumulation
(USD mn)
01/05/2011 Campbell Dallas Financial Services (39%) Across Scotland N/A
22/08/2012
Smart Wealth Management, Campbell Dallas Financial Services, The Financial Management Group, Westminster Financial Planning and Westpoint Financial Consultants
Various locations 1,579
02/06/2014Cornerstone Lifestyle Financial Planning & Hopkinson Associates
Chester 168
24/07/2014 LRH Wealth Management Halifax 170
30/07/2014 Doe & Davies (Target Wealth Management) Herts 203
27/08/2014 Hart Financial Consultancy Salisbury N/A
13/10/2015 Edinburgh Investment Consultants Edinburgh 186
AVERAGE 461
SUBTOTAL 2,305
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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AFH Financial continues the geographical expansion
AFH FinancialReference date Acquisition target LocationAUM accumulation
(USD mn)
01/10/2011 Prevision Evesham 9
01/10/2011 WTRFP Warwick 20
31/10/2011 AJ Lutwyche Stourbridge 5
01/12/2011 Chapelhouse FS Redditch 9
01/12/2011 Peter Smith Telford 8
01/04/2012 Thompson Independent Kidderminster 5
01/04/2012 Arden Court Nottingham 160
01/06/2012 Specialist Solutions Cheltenham 125
10/09/2012 Elgar Financial Herefordshire 8
01/10/2012 Chartwell Associates Egham 52
01/12/2012 Seager Financial Consultancy Redditch 3
14/12/2012 Racol Financial Services Wales 26
21/12/2012 Lawrence Flanagan & co Wolverhampton 10
24/06/2013 Shape Financial Taunton 92
31/10/2013 Origin Financial Hagley 141
21/11/2013 AG Financial Planning Bridgend 45
25/11/2013 Robert Magee & Associates Leominster 44
30/09/2013 CH Financial Hemel Hempstead 113
10/12/2013 Michael Mac Wealth Management Stratford 13
2014 & 2015 DEALS CONTINUED ON THE NEXT PAGE
Figure 27: IFA consolidation example IV: 2008 – 2015
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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AFH Financial continues the geographical expansion
Total deals: 33
Average P/AUM: 1.7%
Total AUM: USD1.3 bn
Strategy: Expansion
AFH FinancialReference date Acquisition target LocationAUM accumulation
(USD mn)
16/01/2014 SR Wealth Management Stoke-on-Trent 16
20/05/2014 Omega Consulting Norwich 24
29/07/2014 Finlay Gow & Company Edinburgh 68
12/09/2014 Hindsight Financial Services Northampton 24
12/09/2014 Jeff Seward & Partners client bank Cardiff N/A
03/11/2014 Knight O'Byrne Cornwall 82
02/02/2015 First Class Financial Management West Bromwich 8
02/02/2015 Roxborough Consultancy Limited Oxfordshire 75
02/03/2015 CIB Wealth Management Rochester 63
02/04/2015 Clarendon Financial Solutions Nottingham 37
01/05/2015 Independent Financial Services Gloucestershire N/A
27/07/2015 Quest Financial Management Derby N/A
27/07/2015Phoenix Independent Financial Services Limited (Assets only)
Blackburn N/A
06/08/2015 Davisons Financial Management Limited Devon N/A
AVERAGE 46
SUBTOTAL 1,286
IFA consolidation example IV: 2008 – 2015 cont’d
Publically listed AFH Financial has focused on the UK IFA sector to attract new investors, improve liquidity and raise capital. The firm continues strategic acquisition and organic growth in the IFA market.
Source: 2016 Scorpio Partnership Wealth Management Deal Tracker
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FULL LIST OF DEALS
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List of dealsTarget Company Deal type Acquirer Reported date
BBVA (Latin American) Acquisition Banco Sabadell Jan 2008Richelieu Finance Acquisition KBL European Private Bankers Jan 2008Morgan Stanley’s (Spain) Acquisition La Caixa Jan 2008Hazlems Financial Ltd Acquisition Towry Law Jan 2008Capitalia Luxembourg (Monegasque) Acquisition CMB Feb 2008Cheshire Acquisition Focus Financial Partners Feb 2008Close Brothers Joint Venture Marrache family Mar 2008EFG Private Bank Joint Venture Lebanese Canadian Bank Mar 2008Citywall Financial management Acquisition Rathbone Brothers Mar 2008CWM Acquisition SG Private Banking Mar 2008Sycomore Gestion Privée Acquisition EFG International Jun 2008NuVerse Advisors (50.01 %) Strategic Investment Bank Hapoalim Jun 2008VermogensGroep Acquisition UBS Jun 2008Boston Private (25%) Strategic Investment Carlyle Group Jul 2008Roger Harris & Co. Acquisition Greystone Financial Services Jul 2008Bank Insinger de Beaufort (Nachenius Tjeenk) Acquisition BNP Paribas Wealth Management Aug 2008Fairfield Greenwich Group Merger Banque Benedict Hentsch Sep 2008Anglo Irish Bank Acquisition Valartis Sep 2008Dresdner Bank Acquisition Commerzbank Sep 2008Bank Hugo Kahn Acquisition Finter Bank Sep 2008Rathbone Brothers (Jersey and Singapore) MBO Rathbone Brothers Oct 2008Saudi Swiss Securities Joint Venture Credit Suisse Nov 2008AIG Private Bank Acquisition Aabar Investments Dec 2008URSA Bank Merger MDM Dec 2008Smith Barney Joint Venture Morgan Stanley Jan 2009Banque de Patrimoines Privés Genève Acquisition Norinvest Holdings (Banque Cramer & Cie) Mar 2009DSP Merrill Lynch Strategic Investment Merrill Lynch Mar 2009Emile M.P. Chang (AIG wealth management) Joint Venture Bank of East Asia Mar 2009Epic Advisors Acquisition GenSpring Family Offices Apr 2009Lee & Co. Acquisition Money Wise Apr 2009
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List of dealsTarget Company Deal type Acquirer Reported date
Banque Genevoise de Gestion Strategic Investment Banque Cantonale du Valais Apr 2009Weberbank Acquisition MBS (Mittelbrandenburgische Sparkasse) May 2009Alpha SIM Acquisition Julius Baer May 2009Höller Vermögensverwaltung & Anlageberatung Acquisition Hauck & Aufhäuser Privatbankiers Jun 2009VPV Bankiers MBO Dresdner Bank Jun 2009Aviva Australia Acquisition National Australia Bank Jun 2009Marignan Gestion Acquisition Banco Espirito Santo Jul 2009N+1 Strategic Investment Banque SYZ & Co Jul 2009AAM Privatbank Acquisition Basler Kantonalbank Jul 2009Dresdner Bank (Suisse) Acquisition LGT Group Jul 2009Goldman Sachs JBWere Acquisition National Australia Bank Jul 2009Commerzbank (Suisse) Acquisition Vontobel Jul 2009Reuschel & Co. Privatebankiers Acquisition Conrad Hinrich Donner Bank Aug 2009RBS (Asia) Acquisition ANZ Aug 2009RBS (Pakistan) Acquisition Faysal Bank Aug 2009Arsenal Investimentos Merger Gavea Investimentos Sep 2009ING Europe (ex Benelux) Acquisition Julius Baer Sep 2009Stoker Ostler Wealth Advisors Acquisition Harris Private Bank Sep 2009Gibraltar Van Moer Courtens Acquisition Private investors Sep 2009ING (Australia) Acquisition ANZ Sep 2009Dresdner Van Moer Courtens MBO Management Oct 2009Kleinwort Benson Private Bank Acquisition RHJ International Oct 2009ING Asia Acquisition OCBC Oct 2009BSI Acquisition Andbanc Oct 2009First Republic Acquisition General Atlantic Colony Capital Oct 2009Edward Jones (UK) Acquisition Towry Law Oct 2009Sal Oppenheim jr. & Cie. Acquisition Deutsche Bank Oct 2009AXA APH Acquisition AXA/AMP Nov 2009Hornbuckle Mitchell IFA Acquisition RSM Bentley Jennison Nov 2009Calibre Asset Management Acquisition National Australia Bank Nov 2009
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List of dealsTarget Company Deal type Acquirer Reported date
TEDA Fund Management Strategic Investment Manulife Financial Nov 2009Venture Finanzas Strategic Investment Mirabaud Nov 2009Privatinvest Bank Acquisition Zuercher Kantonalbank Nov 2009Chelsea Buiding Society Merger Yorkshire Building Society Dec 2009TAM Asset Management Acquisition Helvetia Wealth Dec 2009City Gate Money Managers Acquisition Helvetia Wealth Dec 2009AXA APH Acquisition National Australia Bank Dec 2009B Rollitt & Company Limited Acquisition Towergate Financial Jan 2010Churche House Trust Acquisition Virgin Money Jan 2010Hauck & Aufhäuser Privatbankiers Strategic Investment Frank Asbeck Jan 2010Haines Watts Acquisition Bestinvest Jan 2010Morse, Williams & Co. Acquisition Evercore Wealth Management Jan 2010limia Wealth Management Acquisition Jardine Lloyd Thomson Jan 2010Dresdner Bank Monaco Acquisition Bank Audi Sal Jan 2010Bridgewater Wealth & Financial Management Acquisition Focus Financial Jan 2010KB Rollitt & Company Acquisition Towergate Financial Jan 2010Sarasin Colombo Gestioni Acquisition Colombo Family Feb 2010Dahl & Partner Vermogensverwaltung Strategic Investment Helvetia Wealth Feb 2010Banca Commerciale Lugano Acquisition Hindduja Swiss Holding Feb 2010Stake in Heritage Private Office MBO Current management Mar 2010Atlanta Sosnoff Capital (49%) Strategic Investment Evercore Partners Mar 2010Rensburg Sheppards (53% ) Strategic Investment Investic Mar 2010Private Client Partners (80%) Strategic Investment MM Warburg & Co May 2010I(3) Advisors Acquisition BNY Mellon Jun 2010Andersen Charnley Investment Management Acquisition Collins Stewart Jun 2010Caversham Fiduciary services Acquisition Jersey Trust Company (JTC) Jul 2010Windward Investment Acquisition Charles Schwab Corp Aug 2010Dresdner Van Moer Courtens Acquisition Crédit Agricole Aug 2010Chartwell Group Acquisition Close Asset Management Aug 2010Banque d'Orsay Acquisition Oddo et Cie Aug 2010
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List of dealsTarget Company Deal type Acquirer Reported date
HSBC (Czech) Acquisition Cesca Sporitelna Sep 2010Banca Gesfid Acquisition PKB Privatbank Sep 2010The WaterStreet Group Acquisition Scotiabank Oct 2010RBC Wealth Management (5 branches) Acquisition Wunderlich Securities Oct 2010Fortis Wealth Management Acquisition RBC Nov 2010Banque d' Orsay Acquisition Oddo & Cie Jan 2011Border Asset Management Merger Principal Investment Management Jan 2011Lloyd George Management Acquisition Bank of Montreal Jan 2011Allenbridge Acquisition Close Asset Management Jan 2011Banque Piguet & Cie's Merger Banque Franck Galland & Cie Feb 2011Banque Safdie SA Acquisition Bank Leumi Mar 2011GT Independent Financial Advisers Acquisition Merchant Securities Mar 2011Baring Private Client Arm Acquisition Société Générale Hambros Mar 2011Close Brothers Cayman Acquisition Intertrust Mar 2011Clariden Leu Insurance-Linked Investments Acquisition LGT Mar 2011UK Wealth Management Acquisition Duke Street Mar 2011Close Brothers Offshore Group Acquisition Kleinwort Benson Mar 2011Offshore Incorporation Group of Companies Acquisition Vistra Mar 2011National IFA Cavanagh Acquisition Close Asset Management Apr 2011Pelican Investment Management Acquisition Eaton Vance Apr 2011Talon Wealth Management Acquisition BNY Mellon Apr 2011Jobson James Financial Services Acquisition Charles Stanley Group, May 2011HSH Nordbank Private Banking Acquisition Banque de Luxembourg May 2011GPS (30%) Strategic Investment Julius Baer May 2011Campbell Dallas Financial Services (39%) Strategic Investment Succession Advisory Services May 2011Jewson Associates Acquisition Stanhone Capital Jun 2011Interdin S.A. (60%) Strategic Investment Banca Privada d'Andorra Jul 2011Karrig Strategic Capital Acquisition Kleinwort Benson Jul 2011Citic Securities (19.9%) Acquisition Credit Agricole Jul 2011Lydian Private Bank Acquisition Banco Sabadell Aug 2011
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List of dealsTarget Company Deal type Acquirer Reported date
Pioneer Investcorp (WM) Acquisition Fullerton Securities & Wealth Advisors Aug 2011TCF Global Independent Financial Services Acquisition Mattioli Woods Aug 2011ABN AMRO (Swiss) Acquisition Union Bancaire Privee Aug 2011Clarke Willmott Acquisition Brooks Macdonald Aug 2011LGT Bank Deutschland Acquisition ABN AMRO Bank Sep 2011Prevision Acquisition AFH Financial Oct 2011WTRFP Acquisition AFH Financial Oct 2011KBL epb Acquisition Precision Capital Oct 2011Sydbank Schweiz AG Acquisition Nordea International private banking Oct 2011AJ Lutwyche Acquisition AFH Financial Oct 2011Sarasin Strategic Investment Safra Nov 2011Sanlam Private Investments (SPI) (65%) Strategic Investment Sanlam Private Investments Nov 2011Aventus Capital Management Acquisition European Wealth Nov 2011Chapelhouse FS Acquisition AFH Financial Dec 2011Peter Smith Acquisition AFH Financial Dec 2011HSBC (Japan PB) Acquisition Credit Suisse Dec 2011Banque Internationale à Luxembourg (90%) Strategic Investment Qatar's al-Thani royal family Dec 2011EFG (Denmark) Acquisition SEB Denmark Jan 2012Quilter Acquisition Bridgepoint Jan 2012Morgan Keegan Acquisition Raymond James Financial Jan 2012SIF Swiss Investment Acquisition Credit Agricole Jan 2012NCB Acquisition Investec Jan 2012Trustcorp Group Acquisition Hawksford Jan 2012Celfin Capital Merger BTG Pactual Feb 2012RBS UK Wealth management business Acquisition Banco Santander Feb 2012Nexar Capital Group Acquisition Union Bancaire Privee Feb 2012Pensjon & Finans Acquisition Mercer Mar 2012Walker Crips Asset Managers Acquisition Liontrust Mar 2012Coutts Acquisition RBC Mar 2012Arbuthnot Banking Group Swiss subsidiary Acquisition Ducartis Holding Mar 2012
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List of dealsTarget Company Deal type Acquirer Reported date
RM Walkden & Co Acquisition Rathbone Brothers Apr 2012Thompson Independent Acquisition AFH Financial Apr 2012Arden Court Acquisition AFH Financial Apr 2012RBC Dexia Investor Services (50%) Strategic Investment RBC Apr 2012European Wealth Management Group (33%) Strategic Investment Kingswalk Investments May 2012HSBC Private Banking Acquisition Gilinski Group, Banco GNB Sudameris May 2012Camilleri & Associates Acquisition Sanlam Private Wealth May 2012CIBC Hong Kong and Singapore Acquisition Bank of Montreal Jun 2012Specialist Solutions Acquisition AFH Financial Jun 2012Bridge Wealth Management Acquisition Covenant Multifamily Offices LLC Jun 2012Money Managers Inc Acquisition Aligned Capital Distribution Inc. Jun 2012Crédit Agricole’s Hong Kong-based brokerage Acquisition Citic Securities Jul 2012Orizon Investment Counsel Strategic Investment Mariner Wealth Advisors Jul 2012Merrill Lynch Acquisition Julius Baer Aug 2012Smart Wealth Management, Campbell Dallas Financial Services, The Financial Management Group, Westminster Financial Planning and Westpoint Financial Consultants
Acquisition Succession Aug 2012
BHF-Bank Acquisition Kleinwort Benson Sep 2012Eden Financial (WM) Acquisition Canaccord Financial Sep 2012Elgar Financial* Acquisition AFH Financial Sep 2012Fleming Family & Partners MBO Management team Oct 2012Vision Independent Financial Planning Strategic Investment Rathbone Brothers Oct 2012Castle Investment Solutions (19.9%) Strategic Investment Rathbone Brothers Oct 2012Paradigm Partners Acquisition Caerus Capital Group Oct 2012Chartwell Associates Acquisition AFH Financial Oct 2012Gloucestershire-based Stratton Annette's, Swansea-based Sheriton Financial Services, and a third – unnamed
Acquisition Sanlam Private Wealth Oct 2012
SIPP business Acquisition Curtis Bank Oct 2012Hume Capital Acquisition Xcap Securities Oct 2012
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List of dealsTarget Company Deal type Acquirer Reported date
Spearpoint Acquisition Brooks Macdonald Nov 2012Taylor Young Acquisition Rathbone Brothers Nov 2012Kairos (19.9%) Acquisition Julius Baer Nov 2012Coronado First Bank Merger San Diego Private Bank Nov 2012Epoch Holding Corp Acquisition TD Bank Group Dec 2012Seager Financial Consultancy Acquisition AFH Financial Dec 2012Intertrust Acquisition Blackstone Dec 2012UBS Global Asset Management (Canada) Acquisition Fiera Capital Corporation Dec 2012Racol Financial Services Acquisition AFH Financial Dec 2012BNP Paribas (Egypt 95.2%) Acquisition Emirates NBD Dec 2012Lawrence Flanagan & co Acquisition AFH Financial Dec 2012Monmouthshire (MIFA) Acquisition Bellpenny Jan 2013Aquitaine Group Ltd. Merger Goethe Management Ltd. Jan 2013V12 Finance Group Ltd Acquisition Secure Trust Bank (Arbuthnot Banking Group) Jan 2013Moore Group Acquisition IFG Trust and Corporate Group Jan 2013Brunning Newman Houghton, Private Portfolio, Solutions Financial Services and Vermillion Wealth
Acquisition Bellpenny Jan 2013
Credit Suisse (ETFs) Acquisition Blackrock (iShares) Jan 2013Legacy Family Office Acquisition Pathstone Family Office Jan 2013Cheviot Asset Management Merger Quilter & Co. Jan 2013Chelmsford Financial Management Acquisition Whitechurch Securities Jan 2013Anglo-Swiss Trust Company Ltd Acquisition Alpadis Group Jan 2013BSI Trust Singapore Ltd. (BSI Bank AG) Acquisition Vistra Group Jan 2013Fiveways Financial Planning Acquisition Harrisons Financial Advisers Feb 2013Althea Acquisition Vistra Group Feb 2013TCW (Societe Generale) Acquisition Carlyle Group Feb 2013Portfolio Financial Consultancy Acquisition Barrett Bright Feb 2013Sable Offshore Management Company Ltd Acquisition Summit Trust International SA Feb 2013Key Trust Acquisition Hawksford Feb 2013
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List of dealsTarget Company Deal type Acquirer Reported date
Artio Global Investors Acquisition Aberdeen Asset Management Feb 2013Tenebris Realisations Ltd. Acquisition WH Ireland Ltd. Feb 2013Robeco (90.1%) Acquisition Orix Corporation Feb 2013Professional Connection, Berkeley Associates Acquisition Sanlam Feb 2013Link Investimentos Acquisition UBS Feb 2013Newton (BNY Melon) Acquisition Standard Life Feb 2013Morgan Stanley (Indian wealth management) Acquisition Standard Chartered Feb 2013Morgan Stanley (Stock Plan business) Acquisition Computershare Ltd. Feb 2013
Sella Bank AG AcquisitionBanca Privée Edmond de Rothschild SA (Lugano)
Feb 2013
Group Rapport Acquisition Moneygate Mar 2013EFG International (20.25%) Acquisition Notenstein Private Bank (Raiffeisen) Mar 2013New World Trustees Acquisition Nautilus Trust Company Mar 2013Sesame Acquisition LEBC Mar 2013Moneyspider.com Acquisition Antrams Financial Services Mar 2013Morgan Stanley (EMEA) Acquisition Credit Suisse Mar 2013Norscot Financial Services Acquisition Towry Mar 2013
Genworth Financial Inc AcquisitionAquiline Capital Partners LLC and Genstar Capital LLC
Mar 2013
Sterling McCall Wealth Management Acquisition Sutcliffe Solloway Financial Planning Apr 2013Ardel Fund Services Acquisition JTC Group Apr 2013Prudential Wealth Management Solutions Acquisition Envestnet Inc. Apr 2013Banca Albertini (14.3%) Acquisition Syz & C. Apr 2013Heartwood Acquisition Handelsbanken Apr 2013Morgan Stanley Wealth management Acquisition UnionBanCal (Mitsubishi UFJ) Apr 2013Lloyds Banking Group Acquisition Banco Sabadell Apr 2013Foot Davson Chartered Accountants Acquisition Bellpenny May 2013Intrinsic Acquisition Aegon (Positive Solutions) May 2013Price Bailey Financial Planning Acquisition Bellpenny May 2013The Insurance Partnership Acquisition Jelf Group May 2013
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List of dealsTarget Company Deal type Acquirer Reported date
Ford Reynolds & Associates, Ian Jones & Associates
Acquisition Bradbury Hamilton May 2013
The County Partnership Acquisition Bellpenny May 2013Lloyds TSB bank Acquisition Banco Sabadell May 2013Lloyds Banking Group Acquisition Banco Sabadell May 2013Provident Life Assurance Acquisition Old Mutual Jun 2013Shape Financial Acquisition AFH Financial Jun 2013Edinburgh Risk Management Acquisition Argyle Consulting Jul 2013Banque Degroof Merger Landolt & Cie Jul 2013PSigma Asset Management Acquisition Miton Group Jul 2013Thomas Hall Partnership's Acquisition Bradbury Hamilton Jul 2013Faulu Kenya Acquisition Old Mutual Jul 2013Prism Capital Management Limited Acquisition Tatton Capital Jul 2013Societe Generale (Japan) Acquisition Sumitomo Mitsui Banking Corporation Jul 2013Entire Wealth Manager Acquisition Bellpenny Jul 2013Cooperative Banking Group Acquisition Royal London Asset Management Jul 2013Atkinson Bolton Acquisition Mattioli Woods Jul 2013Methexis Acquisition Prestige Fund Management Aug 2013KM Financial Advisers Acquisition Bellpenny Aug 2013Religare Macquarie WM (India) Acquisition Religate Enterprise Sep 2013Liechtensteinisch Landesbank Acquisition PKB Privatbank Sep 2013Bluefin Personal Consulting Acquisition Towry Sep 2013Macquarie Group (Private Wealth) Acquisition Richardson GMP Sep 2013Deutsche Asset & Wealth Management Acquisition Goldman Sachs Asset Management Sep 2013Conclusion Financial Planning Acquisition Towry Sep 2013CH Financial Acquisition AFH Financial Oct 2013Meridan Park Associates Acquisition Bellpenny Oct 2013North Investment Partners Acquisition Liontrust Oct 2013Kyprou Asset Management (Bank of Cyprus) Acquisition Alpha Trust Mutual Fund Management Oct 2013Investec Trust Acquisition Salamanca Group Oct 2013
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List of dealsTarget Company Deal type Acquirer Reported date
Annuity Direct Acquisition Fidelity Worldwide Investment Oct 2013Treasury Asia asset Management Acquisition Nikko Asset Management Oct 2013Jura Trust MBO Liechtensteinische Landesbank Oct 2013AXA Framlington Acquisition Psigma Investment Management Oct 2013Guinea Investment Bank Acquisition Leone Asset Management Oct 2013Spofforths Financial Planning Acquisition Bellpenny Oct 2013Origin Financial Acquisition AFH Financial Oct 2013Bestinvest (3i) Acquisition Permira Nov 2013Evercore Pan Asset Acquisition Charles Stanley Nov 2013Scottish Widows IP (Lloyds) Acquisition Aberdeen Asset management Nov 2013WMPartners Wealth Management Merger Infidar Investment Advisory Ltd Nov 2013Tilney (Deutsche AWM) Acquisition Permira Nov 2013ANZ Merger Vontobel Nov 2013AG Financial Planning Acquisition AFH Financial Nov 2013Robert Magee & Associates Acquisition AFH Financial Nov 2013LCK Wealth Management Acquisition HighTower Nov 2013Deutsche UFG Capital Management Acquisition ATON Nov 2013Anson Group Acquisition JTC Group Dec 2013ING Acquisition Macquarie Dec 2013Credit Suisse (Germany) Acquisition Bethmann Bank (ABN Amro) Dec 2013YourShare Acquisition Australian Wealth Investments Dec 2013Michael Mac Wealth Management Acquisition AFH Financial Dec 2013St James's Place (Lloyds) Acquisition Stockmarket Dec 2013MGW Acquisition Bellpenny Dec 2013UK Wealth Management Acquisition Ashcourt Rowan Dec 2013Deverill Black & Company (50.1%) Acquisition Towry Dec 2013Atlantic Trust Acquisition CIBC Jan 2014Falcon Private Bank (Hong Kong) Acquisition EFG Bank Jan 2014Popular Banca Privada (40%) Acquisition Banco Popular Español Jan 2014
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List of dealsTarget Company Deal type Acquirer Reported date
Actuarial & Investment Services Acquisition Bellpenny Jan 2014The Hammond Consultancy Acquisition Bellpenny Jan 2014Swiss Asset Advisors Acquisition Andbank Jan 2014Generali Portfolio Management (UK) Acquisition Ashcourt Rowan Jan 2014Square Seven Financial Planning Acquisition Davy Private Clients Jan 2014SR Wealth Management Acquisition AFH Financial Jan 2014Prosperity IFA & Stockbrokers Strategic Partnership Brooks Macdonald Jan 2014Miton Group Acquisition Seneca Investment Managers Jan 2014F&C Asset Management Acquisition Bank of Montreal Jan 2014Succession (50.1%) Acquisition Inflexion Private Equity Jan 2014Ogier Fiduciary Services MBO Electra Partners & Ogier FS management Feb 2014PT NISP Asset Management (80%) Acquisition Aberdeen Asset Management Asia Feb 2014Intrinsic Acquisition Old Mutual Feb 2014IFG Financial Services Acquisition Ascot Lloyd Financial Services Mar 2014Personal & Corporate Financial Solutions Acquisition Bellpenny Mar 2014Societe Generale Asia Acquisition DBS Mar 2014Lord North Street Acquisition SandAire Mar 2014Meridian Fund Services Acquisition Mitsubishi UFJ Fund Services Mar 2014MDM Associates Acquisition Bellpenny Mar 2014GPS Investimentos Financeiros e Participações (50%)
Acquisition Julius Baer Mar 2014
Ignis Asset Management Acquisition Standard Life Mar 2014Skandia Germany and Austria Acquisition Cinven and Hannover Re. Mar 2014Jupiter Asset Management Acquisition Rathbone Brothers Apr 2014Wing Hang Bank Acquisition OCBC Singapore Apr 2014BNP Paribas PB (Miami) Acquisition Banco Santander Apr 2014Thurleigh Investment Managers Merger Ingenious Asset Management Apr 2014India Alternatives Private Equity Fund Acquisition IIFL Apr 2014Iveagh Acquisition City Financial Apr 2014McAdams Wright Ragen Merger Baird Apr 2014
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List of dealsTarget Company Deal type Acquirer Reported date
La Française Bank Strategic Partnership Banque Havilland Apr 2014DPZ Capital Management Acquisition Brooks Macdonald Apr 2014Baker Tilly Acquisition Towry Apr 2014Morgan Stanley (Suisse) Acquisition Bank J Safra Sarasin Apr 2014Veritas Investment Management Acquisition Affiliated Managers Group Apr 2014Walter Financial Planning Acquisition BRI Wealth Management May 2014Hansen Lloyd Asset Management Acquisition Bellpenny May 2014County Life & Pensions Acquisition Tavistock Investments May 2014Blacksquare Acquisition Tavistock Investments May 2014Valartis Bank Acquisition Banque Cramer & Cie May 2014Omega Consulting Acquisition AFH Financial May 2014SJL Wealth Acquisition Bellpenny June 2014Cornerstone Lifestyle Financial Planning & Hopkinson Associates
Acquisition Succession Jun 2014
Legg Mason Investment Counsel and Trust Acquisition Stifel Financial Corp Jun 2014Pine Grove Asset Management Acquisition Man Group Jun 2014Terra Nova Services MBO Stonehage Jun 2014Citibank Wealth Management (Greece) Acquisition Alpha Bank Jun 2014HSBC Private Bank (portfolio of Swiss assets) Acquisition LGT Jun 2014Nutmeg (stake) Acquisition Schroders Jun 2014Compass Financial Benefits Acquisition European Wealth Jun 2014Simple Finance Solutions (Pensions and Investment Business)
Acquisition Gemini Wealth Management Jul 2014
Credit Suisse (Italy) Private Banking (upper affluent)
Acquisition Banca Generali Jul 2014
BSI Acquisition BTG Pactual Jul 2014Banyan Partners Acquisition Boston Private Bank & Trust Company Jul 2014Bank Leumi (Swiss PB and Luxemboug) Acquisition Julius Baer Jul 2014Banque Privée Espirito Santo (Swiss assets) Acquisition Compagnie Bancaire Helvétique Group Jul 2014LRH Wealth Management Acquisition Succession Jul 2014Levitas Investment Management Acquisition Brooks Macdonald Jul 2014
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List of dealsTarget Company Deal type Acquirer Reported date
Finlay Gow & Company Acquisition AFH Financial Jul 2014Doe & Davies (Target Wealth Management) Acquisition Succession Jul 2014Torquil Clark Acquisition Bellpenny Aug 2014Hart Financial Consultancy Acquisition Succession Aug 2014IFG Ireland Acquisition Willis Ireland Aug 2014Reid, Scott & Ross Acquisition Bellpenny Sep 2014Standard Life (Canada) Acquisition Manulife Sep 2014Hindsight Financial Services Acquisition AFH Financial Sep 2014Jeff Seward & Partners client bank Acquisition AFH Financial Sep 2014Broadstone Wealth Management Acquisition Thomas Miller Sep 2014Truestone Asset Management Acquisition John Spiers (EQ Investors) Oct 2014Quilter Cheviot Acquisition Old Mutual Oct 2014Knight O'Byrne Acquisition AFH Financial Nov 2014Rawlins Financial Advisers Acquisition Jones Sheridan Nov 2014Fleming Family & Partners Merger Stonehage Nov 2014Blacktower Financial Advisers Acquisition Punter Southall Group Nov 2014Stanbic Investment Management Services Acquisition Liberty Holdings Limited Nov 2014P&C Global Wealth Managers and GTI Fund Investment
Acquisition European Wealth Nov 2014
NLP Financial Management Merger Birchwood Investment Management Nov 2014ING Vysya Merger Kotak Mahindra Bank Nov 2014Heritage Financial Group Inc. Acquisition Renasant Corp. Dec 2014Marquette Financial Companies (MFC) Acquisition UMB Financial Corporation Dec 2014Unizone Acquisition Bellpenny Dec 2014Cutwater Asset Management Acquisition BNY Mellon Jan 2015Vantage Investment Advisors (majority stake) Acquisition Mariner Wealth Advisors Jan 2015The MDE Group and Acertus Capital Management
Acquisition Beacon Trust Company Jan 2015
BlueCreek Merger Keel Point Jan 2015Plimsoll Mark Capital Acquisition Hartland & Co. Jan 2015
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List of dealsTarget Company Deal type Acquirer Reported date
Fiduciary Management Limited Acquisition Vistra Jan 2015LFI Investimentos (50%) Acquisition Azimut Jan 2015Moore Financial Group Merger EP Wealth Advisors Jan 2015Bell Rock Capital Strategic partnership Malvern Federal Savings Bank Jan 2015KBL EPB (Switzerland) Acquisition BIL Jan 2015BIL (private banking, Belgium) Acquisition Puilaetco Dewaay Jan 2015Standard Financial Group Acquisition Tavistock Investments Jan 2015Petercam Merger Bank Degroof Jan 2015City National Acquisition Royal Bank of Canada Jan 2015DC Wealth Acquisition Pool House Professional Advisers Jan 2015Baker Street Advisors (majority interest) Acquisition AMG Wealth Partners Jan 2015Investment Management Consultants Limited Acquisition Bukaty Companies Financial Services Jan 2015First Class Financial Management Acquisition AFH Financial Feb 2015Roxborough Consultancy Limited Acquisition AFH Financial Feb 2015Standard Chartered (Swiss client assets) Acquisition Banque Heritage Feb 2015Sanderson Financial Consultancy Acquisition Attivo Group Feb 2015Jonathanfry Merger Easby Gale & Phillipson Feb 2015Norwest Consultant Acquisition Jonathanfry Feb 2015Sterne Agee Group Merger Stifel Financial Corp Feb 2015CIB Wealth Management Acquisition AFH Financial Mar 2015Legal & Professional Services Limited Acquisition Bellpenny Mar 2015Coutts International Acquisition UBP Mar 2015Jenner Financial Management Acquisition Newell Palmer Mar 2015Clarendon Financial Solutions Acquisition AFH Financial Apr 2015City Wealth Management Independent Financial Advisors
Acquisition Bellpenny Apr 2015
Stephen Dagnall Financial Management Acquisition Newell Palmer Apr 2015Independent Financial Services Acquisition AFH Financial May 2015MDE Group Inc./Acertus Capital Management LLC
Acquisition Provident Financial Services Inc. May 2015
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List of dealsTarget company Deal type Acquirer Reported date
Ashcourt Rowan Acquisition Towry May 2015Rawson Steele Acquisition Bellpenny May 2015Eureka Whittaker McNaught Acquisition AZ Next Generation Advisory May 2015Caledonia Edinburgh Acquisition Bellpenny May 2015Porter DeVere Acquisition Attivo Group May 2015Lifetime Financial Partnership Ltd Acquisition Attivo Group May 2015Morgan Fitzgerald Limited Acquisition Attivo Group May 2015Pearson Financial Services Acquisition Attivo Group May 2015Pride Advice Acquisition AZ Next Generation Advisory May 2015Halsey Associates Acquisition Washington Trust Jun 2015Barclays Wealth America Acquisition Stifel Financial Corp Jun 2015TJ Financial Services Acquisition Bellpenny Jun 2015TOR Financial Advisers Acquisition Bellpenny Jun 2015Global Investment Strategy (91.03%) Acquisition Octagonal Jun 2015Shanghai International Trust (97.3%) Acquisition Shanghai Pudong Development Bank Jun 2015Constellation Wealth Advisors Acquisition First Republic Investment Management, Inc. Jun 2015Highmount Capital Acquisition Brown Advisory Jun 2015Seven Investment Management (94%) Acquisition Caledonia Investments Jun 2015Saguenay Strathmore Capital Acquisition Titan Advisors Jul 2015Relative Value Partners (part stake) Acquisition Focus Financial Partners Jul 2015Goodrich Financial Services Acquisition Findex Group Jul 2015Boyd Coughlan Acquisition Mattioli Woods Jul 2015Entrust Private Wealth Acquisition Euroz Jul 2015Cranfield Financial Services Acquisition Bellpenny Jul 2015Excelsia Investment Advisors Acquisition BT Wealth Management Jul 2015River Branch Asset Management Acquisition Piper Jaffray Jul 2015myCIO Wealth Partners (majority stake) Acquisition AMG Wealth Partners Jul 2015Royal Bank of Canada (Suisse) Acquisition SYZ Group Jul 2015Lifestyle Financial Planning Services Acquisition AZ Next Generation Advisory Jul 2015RBS Private Wealth (India) Acquisition Sanctum Wealth Management Jul 2015
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List of dealsTarget company Deal type Acquirer Reported date
Quest Financial Management Acquisition AFH Financial Jul 2015Phoenix Independent Financial Services Limited (Assets only)
Acquisition AFH Financial Jul 2015
Trustee Asset Management Acquisition Bellpenny Jul 2015CBD Wealth Management Acquisition Commonwealth Financial Network Jul 2015PFP Group Acquisition Ascot Lloyd Financial Services Aug 2015MFP Strategies Merger CAPTRUST Financial Advisors Aug 2015Davisons Financial Management Limited Acquisition AFH Financial Aug 2015Highline Wealth Acquisition Bronfman E.L. Rothschild Aug 2015Undisclosed Acquisition Fiducian Group Aug 2015Vale Financial Services Acquisition Newell Palmer Aug 2015Webb Holton & Associates Acquisition Tilney Bestinvest Aug 2015FutureAdvisor Acquisition BlackRock Aug 2015JP Morgan Chase Guardianship and Special Needs Trust
Acquisition MB Financial Bank Aug 2015
Finter Bank Zurich Acquisition Vontobel Sept 2015TPW Financial Acquisition Beacon Pointe Sept 2015Taylor Patterson Acquisition Mattioli Woods Sept 2015Phineus Partners Acquisition Calamos Investments Sept 2015Davies, Edmunds and Co Acquisition Attivo Group Sept 2015C R Toogood Financial Planning Acquisition Attivo Group Sept 2015Advance Emerging Capital Acquisition Aberdeen Asset Management Sept 2015Close Brothers Asset Management (Corporate Business)
Acquisition JLT Employee Benefits Sept 2015
Bells Financial Planning Acquisition European Wealth Sept 2015Independent Financial Partners Merger Private Wealth Alliance Sept 2015Financial Lifestyle Partners Acquisition AZ Next Generation Advisory Sept 2015Vision Independent Financial Planning and Castle Investment Solutions (80.1%)
Acquisition Rathbone Brothers Oct 2015
Lindley Group (pension business) Acquisition Mattioli Woods Oct 2015Edelman Financial Services (majority) Acquisition Hellman & Friedman Oct 2015
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List of dealsTarget company Deal type Acquirer Reported date
Trees Investment Counsel Acquisition Segall Bryant & Hamill Oct 2015Ashton KCJ Financial Planning Acquisition Bellpenny Oct 2015Principals in Practice Acquisition Bellpenny Oct 2015Edinburgh Investment Consultants Acquisition Succession Oct 2015Wise Planners Acquisition AZ Next Generation Advisory Oct 2015Greystone Financial Group Merger Polaris Wealth Advisers Oct 2015First Asset Capital Acquisition CI Financial Oct 2015IIFL Wealth Management (21.61%) Acquisition General Atlantic Oct 2015HSBC Bermuda Private Banking, Investment Management arms
Acquisition Butterfield Oct 2015
Fransad Gestion Acquisition Julius Baer Nov 2015Undisclosed Acquisition Fiducian Group Nov 2015RBC's Trust, Custody and Fund Administration business (Caribbean)
Acquisition SMP Partners Group Nov 2015
Transamerica Financial Advisors Acquisition John Hancock Nov 2015PSA Insurance & Financial Services (Wealth management)
Acquisition United Capital Financial Advisers Nov 2015
The Mutual Fund Store Acquisition Financial Engines Nov 2015Systematica Investments (majority stake) Acquisition AMG Wealth Partners Nov 2015Quantum Advisors (49.2%) Acquisition Fairfax Financial Holdings (HWIC Asia Fund) Nov 2015South West Financial Planning Acquisition Fairstone Group Nov 2015Hokanson Associates Merger Aspiriant Nov 2015Spruce Hill Capital Acquisition Mercer Advisors Nov 2015Kairos Investment Management (60.1%) Acquisition Julius Baer Nov 2015Avendus Capital (majority stake) Acquisition KKR Nov 2015Santander Private Banking (Italy) Acquisition UBS (Italian wealth management arm) Nov 2015Religare Invesco Asset Management Company (51%)
Acquisition Invesco Nov 2015
Banque Hottinger & Cie Acquisition Banque Heritage Nov 2015Valartis Bank (Austria) Acquisition Wiener Privatbank Nov 2015Bank Leumi Luxembourg (private banking) Acquisition Banque J. Safra Sarasin Nov 2015
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List of dealsTarget company Deal type Acquirer Reported date
Harvest Wealth (51%) Acquisition AZ Next Generation Advisory Nov 2015Kleinwort Benson Wealth Management Acquisition Societe Generale Nov 2015Pension & Financial Consultants (PFC) Acquisition Davy Private Clients Nov 2015Zimb Johnson Bespoke Financial Acquisition Fairstone Group Dec 2015Deutsche Asset & Wealth Management (US Private Client Services unit)
Acquisition Raymond James Financial Dec 2015
RI Toowoomba Acquisition AZ Next Generation Advisory Dec 2015Commerzbank Luxembourg Acquisition Julius Baer Dec 2015
END OF THE LIST OF 2008 – 2015 DEALS
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TERMINOLOGY
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Terminology
General definitions
Target nation The country in which the target business is headquartered and/or mainly operational
Acquirer The name of the acquiring business/parties
Acquirer nation The country in which the target business is headquartered and/or mainly operational
Seller The name of the selling business/parties. Also know as the targeted firm.
Deal type
The deal types are:- Acquisition- Strategic investment- Merger- Management buy-out (MBO)- Joint Venture (JV)- Strategic Partnership
Reference date The date when the deal was publically announced or when the deal was completed
Close date The date when the deal was legally closed
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Terminology
General definitions
Asset Management The main business activity is managing assets for both retail, HNWs and Institutional clients.
Brokerage A firm engaged in buying and selling stocks and bonds for wealthy clients.
Corporate and Retail Banking The main business activity is servicing retail and corporate clients i.e. lending operations.
Family Office Either a single or multi - family office, servicing the needs of families within the HNW or UHNW space.
Fiduciary Services Services provided by a corporation acting in a trustee and/or trust administration capacity.
IFA
Independent financial advisor providing services to wealthy clients including financial planning, asset allocation, asset monitoring and investment research. The operating model is linked increasingly to fee-based advice but can still incorporate commissions in some cases. The IFA term is widely used in the UK, Asia, and Australia. An equivalent term (and operating model) would be Registered Investment Advisor (RIA) in the US.
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Terminology
General definitions
Investment ManagementInvestment management is the professional asset management of various securities and assets in order to meet specified investment goals for the benefit of the investors.
Platform BusinessFinancial firm providing investment management platform development and maintenance, back office processing, transactional accounting, customer management services and administrative support.
Private BankingAn institution whose main activity is private banking services to HNWs and institutional clients. This will include some, or all, of the following: general banking, asset management, financial planning, brokerage and trusts. The operating models will mostly operate under a banking licence.
Wealth ManagementWealth management as an investment-advisory discipline incorporating financial planning, investment portfolio management and a number of aggregated financial services. The operating models will mostly operate under an asset management licence.
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About Scorpio PartnershipScorpio Partnership is the leading insight and business consultancy to the global wealth industry. The firm specialises in understanding the wealthy and the financial institutions they interact with. We have developed four transformational disciplines – SEEK, THINK, SHAPE and CREATE – each designed to enable business leaders to strategically assess, plan and drive growth.
Scorpio Partnership has conducted more than 300 global assignments for wealth managers and private banks, fund managers, regulators and governments, IT and technology firms, insurance firms, charities and foundations. Scorpio Partnership has been voted best global consultancy to the wealth management industry for three consecutive years* and is the 2014 winner of the award for Thought Leadership in the Middle East and Asia*. The firm is a wholly owned subsidiary of McLagan Partners, and Aon Hewitt company.
For more information go to www.scorpiopartnership.com *Wealth Briefing
SEEK• Client research• Advisor research• Market mapping• Company/intermediary research• Brand identity audits
THINK• Product/service development• Business case development• Concept solutions• M&A diligence• Brand identity development
CREATE• Campaign management• Change management• Strategic marketing• M&A implementation• Specialist consulting
SHAPE• Market entry solutions• Media and event solutions• Training and education solutions• Sales and marketing campaigns• Brand identity solutions
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Scorpio Partnership – JM Finn & Co Client/adviser survey 2015
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