Money manager merger and acquisition activity in the third quarter declined sharply, with assets in transactions totaling $135.8 billion, down about 77% from the second quarter and down about 36% from a year ago.
There were 11 deals announced in the third quarter, compared to 24 deals three months earlier and 12 deals in the third quarter of 2013. (All information for this story is based on transactions reported by Pensions & Investments).
Two of the largest deals involved prominent alternative investment managers selling minority stakes. TPG sold a minority stake to China Life Insurance Co. for $250 million. Providence Equity Partners sold a 10% stake to Dyal Capital Partners and four institutional co-investors.
Also of note in the quarter was the purchase of Martin Currie Ltd. by Legg Mason Inc.
During the quarter, there were four institutional transactions that did not involve money managers, including the acquisition of Credit Suisse's Prime Fund Services by BNP Paribas Securities Services.
