Succession Wealth is to be put up for sale for around £400m, according to reports from Sky News.
The private equity firm that owns a controlling stake of Succession, Inflexion, will allegedly run a formal auction for Succession in early 2022.
Bankers from Evercore have reportedly been hired to review the options that Succession has for the sale.
Succession, which is headed up by James Stevenson, hires 170 wealth planners and has over £8bn assets under management. Inflexion bought a majority investment in the company back in 2014.
The news comes as a flurry of M&A activity has occurred among the big players of the UK wealth management industry, such as Lloyd’s purchase of Embark.
Sky News referred to “city sources” in its report. Meanwhile, Succession and Inflexion have declined to comment, although a recent statement from Succession confirmed that talks with J.C Flowers & Co. were underway. Further announcements will be made as necessary, according to Succession.
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