Jefferies & Co.'s
Financial Institutions group has found that transaction volume in the global asset management industry in the first quarter of 2010 declined significantly from 2009, according to a company press release
. There were 25 deals from January to March 2010, versus 38 deals from the same period in 2009.
Of significance for mutual fund managers, the research also found that over 50 percent of Q1 2010 asset management deals involved acquisitions of alternative managers. That's a record high, and stands in stark contrast to 2009's 25 percent. Jefferies cited AMG
's acquisition of Pantheon
and Religare Enterprise
's purchase of Northgate Capital
as high-profile examples of alternative management deals. Jefferies managing director Aaron Dorr
said alternative asset management businesses are hot targets for acquisition because their market share is expected to grow. Dorr also said he expect the number of overall deals to rise throughout 2010 as markets improve and buyers and sellers regain confidence.
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