Merger and acquisition often enables ambitious wealth management firms to expand rapidly. But it can sometimes backfire as Helvetia Wealth, a Swiss-based wealth management firm, that has targeted the UK market has just found out.
 
Back in September 2010 it completed the acquisition of Dunedin Independent, an Edinburgh and Glasgow-based financial advisory firm, for £4 million. In June 2011, however, 16 of its advisers, including Yuill Irvine, one of its managing director, left to join a rival firm called Melville Independent. As a consequence Hubert Fugel, its remaining managing director, took the decision that Dun...