Mergers and acquisitions within the asset management industry surged to a record high in 2018, amid ongoing pressure on costs and increasing competition.
According to New York investment bank Sandler O'Neill, asset management deals rose to 253 last year, up from 210 in 2017 and surging past the previous record of 243 in 2007. The firm calculated the volume of assets changing hands through M&A activity was $3.7trn last year, up 29% from 2017. The largest transaction last year was Invesco's $5.7bn acquisition of OppenheimerFunds from MassMutual, bringing the firm's total assets under management (AUM) to $1.2trn. The report said substantial increases in acquisitions on both ends of the AUM spectrum pushed up 2018 transaction activity. ...
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