Fifteen money management deals took place in the fourth quarter of 2019, a 15% increase from the previous quarter. In the fourth quarter of 2018, there were 25 transactions. Assets under management involved in the transactions totaled $1.36 trillion, up 333% from $313 billion in the previous quarter and an increase of 74% from the same period a year ago.
In the fourth quarter, Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp. for about $26 billion, which has $1.3 trillion in assets under custody. Sun Life Financial will acquire an 80% stake in global infrastructure and real estate manager InfraRed Capital Partners for C$515 million ($388 million).
Eastspring Investments, Prudential PLC's Asian asset management arm, agreed to acquire a 50.1% stake in Thanachart Fund Management Co. from Thanachart Bank Public Co. and Government Savings Bank for 4.2 billion Thai baht ($137.3 million). CI Financial Corp. has agreed to acquire WisdomTree Asset Management Canada Inc. for C$7 million to C$13 million based on the growth targets over the three years following the acquisition. CI Financial will pay C$5 million to WisdomTree when the deal closes in the first quarter 2020.
There also were 4 deals in the quarter that did not involve money managers. Alternative money manager Carlyle Group and Japanese insurance company T&D Holdings have partnered to acquire a majority stake in reinsurance company Fortitude Group Holdings from American International Group for about $1.8 billion. CRISIL, S&P Global's majority-owned securities ratings affiliate based in Mumbai, has agreed to acquire Greenwich Associates.
Ascensus acquired third-party administrator Goldleaf Partners, a provider of provides retirement administration and employee benefits, payroll integration, consumer-directed health and COBRA services, the eighth acquisition by Ascensus since the third quarter of 2018.
All information is based on transactions reported by Pensions & Investments’ global reporting staff.
