Of all the UK wealth management firms that could be taken over, Charles Stanley seemed one of the least likely candidates.

Although it has trailed most immediate peers in terms of profitability in recent years and has endured a difficult and sometimes fractious restructuring, its ownership profile seemed to make it relatively immune from takeover.

With the Howard family and the firm’s employees owning around 40 percent of Charles Stanley’s equity, the assumption was that it would take a very good offer from a prospective acquirer for it to forgo its independence.

So the news that it is to be acquired for Â...