(Bloomberg) -- Carlyle Group Inc.’s fast-growing wealth management platform in the UK has struck its fourth deal in less than two months as it seeks a consolidation play in the country’s fragmented market for financial planning.

The private equity firm’s Hurst Point Group will buy Metis Wealth and Metis Asset Management to take its total funds under administration and management to almost £8 billion ($9.6 billion), according to a statement Monday.

The Metis acquisition is the latest in a flurry of deals by Hurst Point, a stable of investment managers and financial planners formed by Carlyle in 2019. Since the start of June, it’s bought Gore Browne Investment Management, D Heaton and Wealth Creation & Management.

An increasingly challenging macroeconomic outlook is creating greater demand for services that help people manage their savings and retirement pots, Carlyle director Michael Savage said in an interview. At the same time, wealth managers are under pressure to upgrade often dated systems to better cater for clients in the digital age.

“We see this industry as underinvested in technology and systems and data relative to other sectors,” Savage said.

Carlyle isn’t the only firm seeking opportunities in the sector. Private equity firms announced at least $2.6 billion worth of transactions involving UK wealth managers in 2021, according to data provider Preqin -- a figure they’ve already matched this year. Notable deals have included Sovereign Capital Partners’s investment in Skerritts and TA Associates backing Fairstone Group.

More acquisitions are likely to follow, according to Savage. 

“We will continue to look for opportunities to partner with high quality businesses where there is a strong alignment of culture and client focus,” he said. “But we want to remain disciplined and we don’t have any minimum required number of acquisitions.”

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