Money manager mergers and acquisition activity in the third quarter increased from the previous quarter, with total assets in transactions rising to $230 billion — up more 70% from the prior quarter but down more than 35% from the third quarter of 2012.
All information in this analysis of money manager M&A activity is based on transactions reported by Pensions & Investments' global reporting staff.
The 14 money management deals in the third quarter also represented an increase from the previous quarter, when there were 10. In the third quarter of 2012, there were 16 transactions.
New York Life Investments' purchase of Dexia Asset Management, which has about $100 billion in AUM, was the largest transaction in the quarter measured by assets under management.
Also of note in the quarter was Goldman Sachs Asset Management's purchase of Deutsche Asset & Wealth Management's stable value business, which has $21.6 billion in assets under supervision. This is GSAM's second M&A deal involving stable value managers in the past 18 months.
During the quarter, seven transactions did not involve money managers. Included in those deals were exchanges BATS Global Markets and Direct Edge Holdings, which agreed to merge, and the Alberta Investment Management Co., which acquired a 20% ownership stake in proxy advisory firm Glass Lewis & Co. LLC from the Ontario Teachers' Pension Plan.