For the store and asset management industries, this year was marked by widespread consolidation, fierce competition for financial advisor strength, and firms doubling down on their wealth businesses.
From Morgan Stanley’s E-Trade and Eaton Vance acquisitions to Franklin Templeton’s Legg Mason grapple with and LPL Financial and Macquarie’s bid for Waddell & Reed’s businesses, the asset and wealth management industries underwent drastic consolidation.
Investment operation merger and acquisition activity in the US was valued at some $28 billion this year, the highest overall deal value in the sector since $29 billion in 2000, according to facts from Dealogic.
Meanwhile JPMorgan, Goldman Sachs, and Citi all laid out new ambitions or executed on plans to grow their holdings businesses, and a flurry of financial advisor recruitment took the industry by storm.
Analysts and executives expect the wave of consolidation to succeed into next year as sheer scale has become a necessity for fee-pressured investment managers looking for an edge.
Occupation Insider is taking you through our asset and wealth management coverage of 2020.
Jeenah Moon/File Photo/Reuters, Franklin Templeton, Yuri Gripas/Reuters
Act on activity is taking the asset and wealth management industries by storm.
Here’s our analysis of some of the biggest deals:
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Wealth and asset managers are rapidly evolving in a low- or no-fee world, where clients’ styles are changing.
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