We expect to see renewed activity in M&A relating to trust company service providers. There are a number of acquisitions going on, and each one will involve not just the usual M&A and regulatory work, but also an exercise in which the buyer reviews the book of business and seeks to identify any work that does not match its business plan and risk appetite. There is more of an appetite, particularly amongst larger firms looking to acquire smaller ones, to start things up again. You don't want to blame everything on the Global Pandemic but it is unavoidably true that people did hit the pause button on M&A activity – that hasn't been able to continue long-term. The conversations that we have been having suggest that there is more interest in these kinds of transactions and more work likely to flow from them over the course of the year
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