Global Asset Management Mergers At All-Time High

Apr 2 2008 | 12:20pm ET

Mergers and acquisitions in the global asset management industry from January to March were at an all-time high despite a worldwide slump in capital markets.

According to preliminary figures from Jefferies Putnam Lovell, the division of Jefferies Group focused on the asset management and financial technology industries, 53 asset management deals were announced in the first quarter of 2008.

The acquired assets under management totaled $704.6 billion and the disclosed deal value of those transactions was approximately $9.6 billion.

In the first quarter of last year; by contrast, 45 deals were announced, representing $544.9 billion in acquired assets under management, and $10.4 billion in disclosed deal value, according to Jefferies.

Asset management merger deals that made headlines in Q1 2008 include Ping An Insurance's bid to acquire 50% of Fortis' asset management business, the largest cross-border deal by assets under management in fund management history, and Halcyon Asset Management's proposal to go public through an acquisition by Alternative Asset Management Acquisition Corp. a special purpose acquisition company.

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