Asset managers hunt for fintech buyouts

Chris Worle, digital director at FTSE 100 wealth manager Hargreaves Lansdown, said: "Owning your fintech and development capabilities provides a significant edge in a competitive market."

He pointed out Hargreaves Lansdown was able to launch the Lifetime Isa in time for yesterday's (6 April) launch date because the firm controls its own development queue and can prioritise accordingly.

"Buying a firm can provide a jump-start in terms of skills, expertise and scale, however, it is also as much about firms adopting a digital mindset and culture – and that you can’t buy."