rcblog
The number of searches for the second quarter of 2023 decreased to 109 from 147 in the prior quarter, with 45% for service providers, followed by 36.7% for traditional managers and 15.6% for alternatives. Hiring activity declined to $58.4 billion from $69.6 billion in the previous quarter. Alternative hires totaled $41.5 billion, a slight increase from $39.9 billion in the prior quarter, partially offsetting a 11% decline in traditional hires.
There were 20 money management deals in the second quarter of 2023. Disclosed assets under management involved in the latest quarter’s transactions totaled $417 billion, and the average deal size was $20.8 billion.
During the second quarter, 47 ERISA-related lawsuits were filed and/or updated.
During the first quarter of 2023, 21 stories were written about non-ERISA lawsuits that involve legal prosecution or settlements, with an additional 97 stories on legislation and regulation. Forty-three representatives and senators were mentioned.
Search activity for the first quarter of 2023 increased by 10.5% from the prior quarter. Hiring activity jumped to $69 billion from $56.1 billion the previous quarter, mostly due to moderate and sharp increases in traditional and OCIO hires, excluding a $41.8 billion OCIO mandate awarded by Teamsters Central States, Southeast & Southwest Areas Pension Fund to BlackRock.
There were 19 money management deals in the first quarter of 2023, down significantly from 35 transactions from the year-earlier quarter. Assets under management involved in the latest quarter’s transactions totaled $160 billion, only a 2% decrease from $164 billion in first quarter 2022.
During the first quarter, 52 ERISA-related lawsuits were filed and/or updated. Each event represents the involved parties either reaching a settlement or filing an appeal, or a court decision was made.
Search activity for the fourth quarter of 2022 increased by 25.5% from the prior quarter. Traditional manager searches soared by 119%, mostly driven by strong interests in domestic equity and fixed-income strategies, with some non-U.S. activity from Global Fund Search.
Seventeen money management deals took place in the fourth quarter of 2022, down from 32 transactions in the year-earlier quarter. Assets under management involved in the latest quarter’s transactions totaled $164 billion, down 61% from $422.2 billion in the previous quarter. Over the last 4 years, the lowest AUM involved in transactions was $156.5 billion in the first quarter of 2019.
During the fourth quarter of 2022, 13 stories were written about non-ERISA lawsuits that involve legal prosecution or settlements, with an additional 88 stories on legislation and regulation. Forty-three representatives and senators were mentioned.
