Carlyle Group’s fast-growing wealth management platform in the UK has struck its fourth deal in less than two months as it seeks a consolidation play in the country’s fragmented market for financial planning.
The private equity firm’s Hurst Point Group will buy Metis Wealth and Metis Asset Management to take its total funds under administration and management to almost $9.6bn, according to a statement Monday.
Carlyle isn’t the only firm seeking opportunities in the sector. Private equity firms announced at least $2.6 billion worth of transactions involving UK wealth managers in 2021, according to data provider Preqin — a figure they’ve already matched this year. Notable deals have included Sovereign Capital Partners’s investment in Skerritts and TA Associates backing Fairstone Group.
Read more: BNN Bloomberg
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