In the past couple of years, firms including Rockspring, Lothbury Investment Management, Mayfair Capital, Internos and Tristan Capital have either sold their businesses entirely or sold significant stakes.

Under Palmer’s agreement with Fiera, which has £100bn of assets under management, the UK business will remain independently managed and will continue to be branded as Palmer Capital.

Property Week caught up with Palmer Capital chief executive Alex Price to find out why it decided to sell up and what the future holds for the business under Fiera’s ownership.