Ranked by value of deal. All amounts are in U.S. dollars.
Assets under management (billions)
Amount paid (millions)
Pioneer Investments, Milan
Assuming 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
Henderson Global Investors
As 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
Consolidation 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
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.
Palamon 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
Affiliated Managers Group
Underlining 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.
China-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
Dyal Capital Partners III
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
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
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