The UK wealth management market may have experienced a significant degree of merger and acquisition-related activity over the past five years or so. The reality is, however, that it is still a very fragmented market.

Nonetheless, the presence of a very large number of firms does not necessarily make it a heterogeneous market. There may be some variation in terms of size, however measured. But when it comes to functionality most, if not all, firms look very much the same.<...