Money manager mergers and acquisitions activity in the third quarter decreased from the previous quarter, with total assets in transactions at $294.4 billion — down more than 27%. Assets doubled from the third quarter of 2014.
Twenty-five money management deals took place in the third quarter, up from 20 in the previous quarter. In the third quarter of 2014, there were 11 transactions.
The third quarter had one large deal, the sale of First Eagle Investment Management LLC by TA Associates. Blackstone Group and Corsair Capital private equity funds took a majority interest in the firm. Management will hold significant stakes as well. The firm was valued at about $4 billion. Also in the quarter, Kayne Anderson Capital Advisors was bought by Ares Management LLC for $2.5 billion,
During the third quarter, there were 10 deals that did not involve money managers. There were two defined contribution record-keeping deals in the quarter, including the sale of Ascensus' and Mercer's record keeping-businesses. There were three deals involving environmental, social and governance research and consulting firms, including Ethix SRI Advisors, ESG Analytics and Imprint Capital.
All information is based on transactions reported by Pensions & Investments' global reporting staff.