The chief executive of Close Brothers Asset Management (CBAM), Martin Andrew, has said competition for acquisitions is fierce as more US private equity firms enter the fray.

Speaking following the release of Close Brothers Group’s results for the year ending 31 July 2021, Mr Andrew pointed to his firm’s purchase of £300 million-AUM PMN Financial Management as an example of how established wealth managers could compete for deals.

“Competition for [adviser firms] is intense – probably more intense now than I’ve ever seen it,” Mr Andrew said.

“A l...