The blockbuster acquisition by a US rival of two of Britain’s biggest wealth managers is a sign that more transatlantic tie-ups are coming and consolidation of the UK wealth industry has further to run.

Corient, a Miami-based private wealth manager, announced on 2 September that it had inked a deal to buy Stonehage Fleming and Stanhope Capital. The firm, which is backed by Mubadala Capital, is now the world’s largest non-bank wealth manager, the transaction having doubled its assets to $430bn, and given it a presence in Emea.