Veteran wealth adviser Michael Kerr-Dineen is on the acquisition trail after merging Cheviot Asset Management group, which he bought from UBS in 2006 having sold it to them five years earlier, with rival Quilter & Co.

His quest coincides with a rash of deals across the wealth sector, seen by investment bankers as offering them a greater chance of earning advisory fees than deals in the institutional sector, which have proved difficult to pull off this year.