Private Equity-Backed U.S. RIAs Extend Into Global Wealth Markets
Private equity-backed U.S. registered investment advisers (RIAs) are entering a new phase of expansion through international growth. Leading platforms are pursuing global strategies to capture first-mover advantages and serve increasingly mobile UHNW clients who require cross-border advisory solutions.
Dakota’s The State of the RIA Market: 2025 highlighted this shift, noting the industry’s rapid consolidation under centralized operating models where private equity sponsors and RIA aggregators are redefining wealth management through multi-service, fiduciary-driven platforms. Now, two of the largest U.S. RIA consolidators, Creative Planning and Corient, are buying into Switzerland, the U.K., and broader Europe, putting themselves at the front end of a new global wealth management trend.
“Creative Planning and CEO Peter Mallouk have prioritized global expansion… Recent moves by Corient and Cerity Partners underscore that U.S. RIAs are accelerating cross-border growth, driven by the opportunity to export the fiduciary planning model globally.”
— Steven Levitt, Managing Director, Financial Services Group, Houlihan Lokey
Why U.S. RIAs Are Expanding Overseas
As the U.S. RIA M&A market matures, platforms are running into tighter deal supply at the upper-end of the market, higher entry multiples, and tougher competition for quality firms. International expansion is becoming the next logical step to open new acquisition pipelines and follow client bases that more often live, work, and invest across continents.
Europe is a natural starting point. It combines dense UHNW wealth, a large population of internationally mobile clients, and a fragmented advice market. For U.S. platforms, that creates a familiar setup where a planning-led, fiduciary model and a centralized investment office can be applied across smaller firms and local markets.
“The European market is currently dominated by proprietary product sales by banks with virtually no planning or fiduciary standard—and it can’t be fully served from the United States. Europeans want to work with Europeans, in their language and in their time zone.”
— David Kuenzi, Director of International Wealth Management, Creative Planning
Dakota’s research shows us that tracking these platforms is increasingly important for distribution strategy and forward-looking allocation insights. As PE-backed RIAs like Creative Planning and Corient deepen their presence in global UHNW networks, they become new access points to private market investors. With many European portfolios still lighter in alternatives and RIAs leaning into advice-led relationships, fundraising and product placement may continue shifting away from private bank channels and toward independent wealth management platforms.
For sponsors, the value creation playbook is straightforward. Build an international footprint through meaningful acquisitions, integrate talent and capabilities, and use centralized portfolio construction and product access to expand margins over time.
“Our advantage extends beyond capabilities… Under our international partnership… we’re building a new type of wealth management firm—global, collaborative, and evolving to meet the dynamic needs of sophisticated clients.”
— Kurt MacAlpine, Partner and Chief Executive Officer, Corient
Recent Cross-Border M&A and Key Players
Notable Transactions Tracked by Dakota
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International Target
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Acquired AUM
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Firm
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AUM
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PE Backers
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Focus
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Office Locations
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Stonehage Fleming
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$175B
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Corient
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$216B+
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CI Financial, Mubadala
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UHNW MFO, cross-border structuring, multi-jurisdiction platform
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20+ offices: Jersey, London, Guernsey, Zurich, etc.
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Stanhope Capital Group
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$40B
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Corient
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$216B+
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CI Financial, Mubadala
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UHNW investment office, CIO-led governance, European hub entry
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London, Geneva, Paris
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Maseco Private Wealth
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$5B
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Creative Planning
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$390B+
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TPG Capital, General Atlantic
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Cross-border expats, US-UK planning, global UHNW
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London
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Baseline Wealth Management
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$1B
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Creative Planning
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$390B+
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TPG Capital, General Atlantic
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Swiss entry, UHNW advisory, cross-border capability
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Geneva, Zurich
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Kontora Family Office
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$15B
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AlTi Tiedemann Global
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$77B+
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n/a
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German entry, alternatives focus
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Hamburg, Germany
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Europe’s Role in the Next Phase of RIA Expansion
Europe’s wealth management market is a large opportunity set, with a meaningful share of assets concentrated in the U.K., Germany, France, Switzerland, the Netherlands, and Italy. Key private wealth centers such as Switzerland, Monaco, Luxembourg, and the Channel Islands (Jersey and Guernsey) stand out for dense HNW and UHNW populations and larger average client relationships.
Per Dakota analysis, Europe remains fragmented and earlier in its consolidation curve than the U.S., creating a familiar roll-up setup for platforms that know how to integrate firms and standardize operations. The region’s appeal is driven by concentrated wealth, evolving regulation, and increasing receptivity to fiduciary, planning-led advice. Wealth migration further supports demand, with ongoing inflows from Asia and the Middle East reinforcing Switzerland and the U.K. as preferred destinations for stability, privacy, and sophisticated international planning.
Structural fragmentation remains one of Europe’s defining features. Thousands of boutiques and private banks operate across multiple jurisdictions, making integration complex but attractive for centralized platforms. For U.S. consolidators, these conditions support a repeatable multi-market consolidation playbook.
Asset allocation dynamics also support the thesis. Many European portfolios remain conservative, overweight cash and sovereign bonds, and lighter in alternatives. This creates an opening for U.S. platforms to introduce CIO-led model portfolios that incorporate private credit, infrastructure, and private equity as yield and diversification tools. For sponsors, the opportunity is to acquire firms with strong client relationships and improve economics through integration and platform value creation over time.
Outlook
International expansion is emerging as a strategic priority for the largest U.S. RIA platforms. Early entry into Switzerland and the U.K. is likely to evolve into a wider European rollout across leading wealth-management domiciles, as consolidators seek scale, talent, and specialized capabilities through acquisitions.
As this plays out, expect more emphasis on investment office strength, multi-jurisdiction planning, and open-architecture product shelves. For asset managers, these platforms are emerging as new gatekeepers for private wealth allocations, with centralized diligence and model-driven implementation that can redirect flows quickly once approved.
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