Driven by two megadeals, money manager mergers and acquisition activity in the second quarter more than doubled from the previous quarter, with total assets in transactions standing at $646.3 billion — up almost 24% from the second quarter of 2013.
All information in this analysis of money manager M&A activity is based on transactions reported by Pensions & Investments' global reporting staff.
The 24 money management deals in the second quarter represented a significant increase from the previous quarter, when there were 12. In the second quarter of 2013, there were 14 transactions.
London Stock Exchange Group's purchase of Russell Investments, which has about $256 billion in AUM, was the largest transaction in the quarter measured by assets under management. The second megadeal in the quarter was TIAA-CREF's purchase of Nuveen Investments, which has around $221 billion in assets under management.
Also of note in the quarter was the IPO of Ares Management LLC.
During the quarter, nine transactions did not involve money managers. Included in those deals was the IPO of Markit LLC and Great-West Financial's acquisition of J.P. Morgan's large-plan defined contribution record-keeping business.