Smaller deals between asset managers are running at the hottest pace in almost 15 years as businesses hunt for tactical acquisitions instead of bigger, riskier purchases — many of which have failed in one of the world’s most fragmented sectors.
The first nine months of this year has seen more deals worth less than $1bn between asset managers than at any point since 2007, according to data from Refinitiv. Those deals, which are meant to boost operating performance rather than reshape companies, are also up 5 per cent over the same period last year.
“We expect the trend of tactical, smaller M&A transactions will continue as asset managers look for ways to enhance their growth prospects,” said Michael Cyprys, analyst at Morgan Stanley.
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