For some time, private equity (PE) has been the major driver of M&A activity in the Trust, Corporate and Fund services market. Investors have been attracted by the strong underlying drivers of increasing regulation in financial services, the predictability of earnings of many business models in the sector, and the potential for growth through buy & build – despite the consolidation that has already taken place.

This continues to be the case today, as we hear news that PE firm LDC is to sell Equiom, its corporate service provider, with the new owner likely to be another PE house. News also that Bridgepoint Capital funded Estera, provider of fiduciary and administration services, is acquiring a further bolt-on.