If nothing else the emergence of Tilney Group, or Tilney Smith & Williamson as it will shortly be known, provides an illustration of the transformative impact that private equity can have on a firm, if not a sector.

Having reached the conclusion that too many firms operated on a sub-scale basis within an overly fragmented UK wealth management market the influence of Permira, one of Europe’s biggest private equity firms, in creating what will be one of the UK’s biggest wealth management firms, has been a wonder to behold.

Back in 2013 Permira’s interests in the UK wealth management sector were negligible.