Table: The 10 largest investment management transactions of 2016

Ranked by value of deal. All amounts are in U.S. dollars.
AcquiredAssets under management (billions)%
acquired
AcquirerAmount paid (millions)Strategic rationale
Pioneer Investments, Milan$234.0100% Amundi$3,740Assuming this latest iteration of UniCredit's six-year saga trying to sell Pioneer Investments succeeds, Amundi will become the eighth-largest asset manager globally and cement its position as a European leader. 
Janus Capital Group, Denver$195.0100% Henderson Global Investors$2,600As pressure grows from low-fee passive investments, Janus and Henderson merge to form a global investment management firm with complementary distribution strengths and products. 
Banca della Svizzera Italiana (BSI), Lugano, Switzerland$88.9100%EFG International$1,340Consolidation of Swiss private banking takes a further step forward with the combination of EFG and BSI, which troubled Brazilian investment bank BTG Pactual was forced to sell after only a year of ownership. 
Santander Asset Mgmt., Madrid$183.050%Banco Santander$1,300*Warburg Pincus and General Atlantic exercise early their 2018 option to sell back to Banco Santander the 50% of Santander Asset Management they had purchased in 2013. 
Towry, London$12.8100%Tilney Bestinvest$855Palamon Capital Partners exits its highly successful 13-year rollup of U.K. private wealth firms by selling to Tilney Bestinvest, a similar rollup backed by private equity investor Permira Funds. 
Petershill Fund I interests, New York$55.0Var.Affiliated Managers Group$800Underlining the difficulty of exiting minority equity positions in individual hedge fund managers, Goldman Sachs’ Petershill Fund I sold in a package deal its remaining investments – Winton Capital Group, Capula Investment Management, Partner Fund Management, Mount Lucas Management and CapeView Capital. 
AssetMark Financial Holdings, Concord, Calif.$29.3100%Huatai Securities$780China-based Huatai Securities makes its first U.S. investment, buying a leading turnkey asset management program providing investment solutions to financial advisers. It also enabled private equity investors Genstar Capital and Aquiline Capital Partners to make a profitable exit. 
H.I.G. Capital, Miami$20.015%*Dyal Capital Partners III$675*Structured as an evergreen fund to sidestep the "exit" issue, Neuberger Berman's Dyal Capital Partners III, a $4 billion-plus fund, has already made five minority investments in private equity managers of which this is the largest. 
EnTrust Capital, New York$12.0100% Legg Mason (LM)$675* Legg Mason doubles down on its prior investments in Permal Group (2005) and Fauchier Partners (2013) by combining them with Gregg Hymowitz's EnTrust Capital, forming the industry’s fifth-largest hedge-fund-of-funds company. Mr. Hymowitz received $400 million and 35% of the combined EnTrustPermal. 
Clarion Partners, New York$40.083% Legg Mason$585 Legg Mason gets a premier U.S. direct real estate investment platform, while private equity investor Lightyear Capital exits its position after supporting management’s $100 million buyout from ING Group in 2011. 
*Estimated. Source: Cambridge International Partners

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