As reported by
Financial News this week, a document seen by the publication revealed that Shackleton explored a takeover deal that could have tripled the amount of money it manages. The wealth manager, that oversees a portfolio of £5.5 billion, had discussions with a
larger rival that managed £10 billion at the time and a smaller firm with £2 billion in assets weighed down by debt. These talks were also part of Shackleton’s owner, Sovereign Capital Partners, sale process, which is seeking £600 million for the business,
with investment bank Lazard handling the sale.
This news hit headlines because they are arguably transformational to Shackleton’s growth. Formerly known as Skerritts, Shackleton has made 16 acquisitions since Sovereign bought the firm in 2021. Further, Shackleton predicts they will manage £8.2 billion
in assets by the end of 2025 and will aim for over £170 million in earnings by 2029. Much of this growth is expected to come from buying other countries.
Codenamed Project Endurance, the wealth manager will leverage its position to support those are impacted by new UK regulations and higher interest rates. But what does this mean for the UK wealth management industry?
Consolidation vs. industry pressure
The UK wealth management market is under pressure from multiple fronts: aging adviser populations, growing compliance demands, digital disruption, and a client base increasingly seeking holistic financial planning.
However, Shackleton’s acquisition model addresses many of these pain points. Scaling the firm will help with compliance and the cost of technology. Alongside this, regional expansion across the UK ensures local adviser presence with efficient, in-house capabilities
such as discretionary fund management and employee benefits that allow for broader client servicing.
Where small, independent financial advisers may struggle with margin compression and digital transformation, Shackleton could potentially leverage private equity backing from Sovereign Capital Partners to consolidate at pace and build what could become a
national wealth management brand.
Building a network of financial advice
In February 2025, Shackleton
acquired Norfolk-based firm Harrold Financial Planning and in March 2025, the wealth manager
acquired PK Financial Planning. It is evident that Shackleton is expanding, and expanding fast across the UK.
These are also not random acquisitions, as Financial News alluded to. Shackleton’s expansion and acquisition of the two firms mentioned could pave the way for Shackleton to become a distributed, adviser-led organisation with local trust and centralised scale.
This is not a new model. Similar events have happened in legal services and accountancy industries, where convergence has led to national players being created from a number of regional boutiques.
What will this mean for clients and advisers?
The expansion could mean more sophisticated services through digital infrastructure, as well as a clear succession plan for smaller firms that currently get thrown out of sorts when leadership transitions happen and there are no clear internal leaders. However,
with consolidation, that personalised, tailored relationship that a boutique firm offers – and clients are accustomed to – would be put at risk. Integration challenges could also emerge and could disrupt the service if not handled carefully.
Shackleton’s projection of £8.2 billion in AUM by 2025 and aspirations for over £170 million in EBITDA by 2029, is also a bet on a future with face-to-face advice and regional hubs. The wealth management sector has long straddled between traditional advice
and robo-advice, but now a gap is opening for human advisers that are digitally enabled, and can operate at scale. In addition to this, Shackleton’s decision to expand could be an indication of how private capital perceives the value of UK wealth management.