At Patrimonia 2026, Jean-Louis Duverney-Guichard, Founder and Managing Partner of NewCo Corporate Finance, reviews the state of M&A in wealth management. New consolidators are entering the market: mutual insurers, brokers, foreign players, and soon banks. The pre-election year is supporting deal activity.
Key takeaways
- Activity remains very strong. Interest in consolidating the wealth management market is not slowing down, despite a sluggish economy.
- New consolidators are arriving. After private equity funds, mutual insurers, brokers (Meilleurtaux, April) and foreign players are now stepping in. For example, Corient acquired the multi-family office Letus Private Office.
- Banks are turning their attention to independent advisers. They want to partner with large firms. The advisers bring agility and commercial drive. The institutions bring products, balance sheet and financing.
- The pre-election year is speeding up deals.
- The environment remains supportive of savings. There is growing recognition that funded pension schemes need to be developed, and higher interest rates are making investments more rewarding.
- Valuations are stable but polarised. High-quality assets are “snapped up”, while more complex files take longer. Buyers are interested in every segment: distribution, asset management, SCPIs (French non-listed real estate funds).
- Investors are more demanding. For a consolidation platform, recurring revenue is no longer enough. It must prove it can integrate its acquisitions, deliver synergies and harmonise its offering.
- AI is playing a growing role in analysis. According to a BNP Paribas Cardif survey cited in the interview, 72% of the profession sees it as a largely positive change, though one that calls for closer oversight. At NewCo, AI is used with caution, and only for firm-wide applications.
- NewCo news:
- the LBO of Rhétorès with IK Partners in 2025;
- several transactions under way, including an LBO about to be launched and a regional wealth management firm looking for a strategic partner.