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Asset Management

A wealth of takeovers, as advisers surrender independence

Bidders for wealth businesses, such as Societe Generale, are discriminating but deals are available for patient vendors

Societe Generale’s purchase of wealth firm Kleinwort Benson is the latest in a series of wealth takeovers in the UK
Societe Generale’s purchase of wealth firm Kleinwort Benson is the latest in a series of wealth takeovers in the UK

Takeovers are multiplying across the UK wealth sector, as abysmal market returns and rising costs force advisory firms to surrender their independence.

However, vendors are having to be patient, as buyers cast a jaundiced eye over whether wealth advisers will provide them with enough new business. Worries include the stance of regulators, the high cost of installing new technology and the threat of competition from institutions using robo-advice.

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