Two claims about M&A in wealth management have been circulating of late that just won’t die away.

One is that Credit Suisse, whose share price has been hurtling down on the piste, will inevitably fall into the arms of a suitor; the other is that JP Morgan will attempt an acquisition of a substantial British wealth manager.

Ray Soudah, founder of that small but perfectly formed Swiss M&A boutique, MilleniumAssociates tells me he expects what he calls...