UK financial services industry saw a drop of 26.19% in overall deal activity during March 2022, when compared with the last 12-month average, led by RBC Wealth Management’s $2.08bn acquisition of Brewin Dolphin, according to GlobalData’s deals database.

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A total of 31 deals worth $2.9bn were announced in March 2022, compared with the 12-month average of 42 deals.

M&A was the leading category in the month in terms of volume with 20 deals, which accounted for 64.5% of all deals.

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In second place was venture financing with eight deals, followed by private equity with three transactions, respectively accounting for 25.8% and 9.7% of overall deal activity in the UK technology industry during the month.

In terms of value of deals, M&A was the leading deal category in the UK financial services industry with total deals worth $2.62bn, while private equity and venture financing deals totalled $185.34m and $70.69m respectively.

UK financial services industry deals in March 2022: Top deals

The top five financial services industry deals accounted for 98.6% of the overall value during March 2022.

The combined value of the top five financial services deals stood at $2.83bn, against the overall value of $2.9bn recorded for the month.

The top five financial services industry deals of March 2022 tracked by GlobalData were:

1) RBC Wealth Management $2.08bn acquisition deal with Brewin Dolphin

2) The $515.12m acquisition of Succession Wealth Management by Aviva

3) Blackstone Tactical Opportunities Fund,Corsair Capital,Currencies Direct – Management Team and Palamon Capital Partners $184.28m private equity deal with Currencies Direct

4) The $26.26m venture financing of Yonder Technology by Alexander Kent Braham,LocalGlobe,Northzone Ventures,Oliver Kent-Braham,Rio Ferdinand,Seedcamp and Sharmadean Reid

5) Del Mondor,Doug Hunter and Rising Tide $23.8m venture financing deal with Reach