Search activity for the first quarter of 2021 increased 40.9% from the prior quarter and decreased 20.1% from the first quarter of 2020. Hiring activity decreased 16.7% from the previous quarter to $49.1 billion

Twenty eight money management deals took place in the first quarter of 2021. In the first quarter of 2020, there were nine transactions. Assets under management involved in the latest quarter's transactions totaled $1,262 billion, down 45% from $2,294 billion in the previous quarter.

During the first quarter of 2021, 30 ERISA-related lawsuits were filed and/or updated. Each instance represents the involved parties either reaching a settlement or filing an appeal, or a court decision was made. The parties involved in the ERISA lawsuits in the first quarter included 10 financial firms, two health care-related firms, two universities, and prominent companies such as Johnson & Johnson, Raytheon Co., General Electric Co., Intel Corp., Mercedes-Benz U.S. International Inc., and IBM, whose case was reviewed by the U.S. Supreme Court.

Morgan Stanley's $7 billion acquisition of Eaton Vance is the latest merger deal that followed 15 third-quarter money management deals.

Search activity for the third quarter of 2020 increased 45.7% from the prior quarter but decreased 15.7% from the third quarter of 2019. Hiring activity increased 36.2% from the previous quarter to $65.47 billion. The number of hires decreased 14.5% for the quarter but increased 12.4% from the same period a year ago.

During the third quarter, 45 ERISA-related lawsuits were filed or updated, including settlements, appeals and court decisions.

Twelve money management deals took place in the second quarter of 2020, a 33% increase from the previous quarter. In the second quarter of 2019, there were 24 transactions. Assets under management involved in the latest-quarter transactions totaled $6.7 trillion, up 653% from $889.8 billion in the previous quarter, mostly driven by the 22.4% stake sale of BlackRock Inc. by PNC Financial Services Group.

During the second quarter of 2020, 43 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. The parties involved in the ERISA lawsuits in the first quarter included seven financial firms, with U.S. Bank’s case reviewed by the U.S. Supreme Court, six health-care-related firms, and prominent companies such as Estee Lauder Inc., IBM, Costco, DuPont, Johnson & Johnson, McKinsey & Co. and Phillips 66 Co.

Notable activity for the first quarter of 2020 included Franklin Resources Inc.’s acquisition of money manager Legg Mason for $4.5 billion, creating a firm with $1.5 trillion in assets under management. The combined Franklin Templeton, using year-end 2018 figures, would have moved to 10th from 24th in P&I’s 2019 money manager ranking. Though the financial markets seemed to be resilient against the potential impact from COVID-19 in January and February, the financial markets priced in significant fallout from COVID-19 in March. Franklin Resources could have theoretically paid $1.25 billion less if the acquisition took place in March instead of February, or Franklin Resources might not be interested in the deal at all amid uncertainty of the financial outlooks.

During the fourth quarter of 2019, 23 ERISA-related lawsuits were filed and/or updated. Each event represents the involved parties either reaching a settlement, filing an appeal or a court decision was made. The parties involved in the ERISA lawsuits in the fourth quarter included two insurance companies, three health-care-related firms, three universities, five financial firms, and prominent companies such as Intel Corporation and IBM.

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.

Search activity for the fourth quarter of 2019 decreased 22.1% from the prior quarter and declined 44.7% from the fourth quarter of 2018. Hiring activity increased 31.2% from the previous quarter to $58.54 billion. The number of hires increased 0.2% for the quarter and decreased 3.2% from the same period a year ago.

Hiring activity increased 102.2% from the fourth quarter to $105.76 billion, mostly due to Saudi Arabia Public Investment Fund's $45 billion investment in SoftBank Vision Fund. Excluding the SoftBank investment, hiring activity increased 16.19% for the quarter and dipped 1.53% from the same period a year ago. Blackstone won 23 mandates, totaling $5.01 billion, for alternative investments in Capital Partners VIII, Real Estate Partners Europe VI, Real Estate Partners IX, Tactical Opportunities Fund III and Infrastructure Partners funds.

Sixteen money management deals took place in the first quarter of 2019, an 36% decrease from the previous quarter. In the first quarter of 2018, there were 33 transactions. Assets under management involved in the transactions totaled $156.53 billion, down 80% from $780.92 billion in the previous quarter and a decline of 89% from the same period a year ago. In the first quarter, Brookfield Asset Management agreed to acquire about 62% of Oaktree Capital Group's business for $4.7 billion, with 50% in cash and 50% in 51.4 million Brookfield shares. Howard Marks, Oaktree co-chairman and co-founder, will join Brookfield's board of directors, and the two companies together will have about $475 billion in AUM. Also in the quarter, Fiera Capital Corp. announced the acquisition of Integrated Asset Management Corp. for $74 million. IAM's private debt investment and industrial real estate team will be incorporated into Fiera Private Lending and Fiera Properties, respectively.

Due to soaring interest in private investments by institutional investors as well as the long-term allocation shift to private markets that we have observed in recent years, Pensions & Investments is launching a new database to cover private funds closed starting in 2010. Along with P&I survey data, P&IQ Searches & Hires database information, Pensions & Investments aims to paint a clear picture of private capital markets growth.

Search activity for the fourth quarter of 2018 increased 14.5% from the prior quarter, and was up 47% from the fourth quarter of 2017. Hiring activity decreased 28.7% from the third quarter to $52.29 billion, down 18.8% from the period a year ago. Kempen Capital Management won a $9.6 billion fiduciary management mandate from Stichting Pensioenfonds PostNL.

Twenty-five money management deals took place in the fourth quarter, an 11% decrease from the previous quarter. In the fourth quarter of 2017, there were 31 transactions. AUM involved in the transactions totaled $780.92 billion, up 279% from $205.92 billion from the previous quarter. However, total assets involved decreased 41% from the same period a year ago.

Total worldwide real estate assets under management rose to $1.48 trillion as of June 30, 2018, up 11.48% from $1.32 trillion reported a year earlier, according to Pensions & Investments' annual survey of real estate managers. Based on Pensions & Investments' historical data, worldwide real estate AUM shrank by 32% during the subprime mortgage crisis, dipping to $683.9 billion in 2010, and re-surpassed the $1 trillion mark in 2014.

Money manager M&A deals in the third quarter increased 8% while assets involved fell 57% from the second quarter. Twenty eight money management deals took place during the most recent quarter, an increase from 26 in the previous quarter. In the third quarter of 2017, there were 21 transactions. Total AUM involved in the transactions were $205.9 billion, down from $476.8 billion from the previous quarter.

Search activity for the third quarter of 2018 decreased 3.37% from the prior quarter, but was up 45.76% from the third quarter of 2017. Hiring activity increased 43% from the second quarter to $73.29 billion, up 84.71% from the period a year ago.

Canada's largest 13 public pension plans have seen a significant total plan asset increase to C$1.02 trillion in 2017, up 10.46% from 2016. Five of 13 public plans achieved asset growth rate of 11% or more because of both tactical and strategic allocations in favor of public equities and alternatives including private equities, infrastructure and real estate, both of which posted double-digit returns in 2017.

Aggregate assets of Canadian pension plans of companies in the S&P TSX 60 index increased to $144 billion and aggregate liabilities increased to $151 billion in 2017. The aggregate funding ratio improved slightly to 94.86% from 92.83% in 2017, and the median funding ratio improved 3.9 percentage points. Since 2009, aggregate plan assets increased by 59.5% and aggregate liabilities increased by 56.25%.