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With over 350 deals in the European AWM sector in 2021, M&A consolidation activity is hotter than it has ever been in the past 15 years. Conventional wisdom is now under the microscope—is bigger really better?
Overview
Current Market
We Are Seeing
Key Drivers/Challenges
Trends to Watch
Our M&A Forecast
Consolidation activity to continue, but early signs that scale and profitability do not necessarily go hand in hand.
Market consolidation
Deal highlight:
White & Case advised BNP Paribas Asset Management, the largest shareholder of EAB, on EAB's merger with Evli.
Deal highlight:
White & Case advised Catella Group, the Sweden-based fund management business, on the sale of its remaining 30% stake in Catella Fondförvaltning to Athanase.
The wave of fund manager M&A that drove global deal numbers to a record high last year has run into 2022, with the value of transactions in the first four months of 2022 its highest since 2018. (Financial News, May 2022)
Deal numbers reach record high. There have been 362 M&A deals in the European fund management sector in 2021—comfortably beating the 279 that were struck in 2020. (Financial News, December 2021)
Investment experts are beginning to question the wisdom of the recent flood of M&A among asset managers since they're often followed by fleeing funds and falling share prices. (Financial News, October 2021)
Smaller deals between asset managers are running at the hottest pace in almost 15 years as businesses hunt for tactical acquisitions instead of bigger, riskier purchases. (Financial Times, September 2021)
Larger:
Mid-sized:
Smaller:
JVs:
High investor appetite
Deal highlight:
White & Case advised Oaktree Capital Management on its acquisition of UK private wealth management and investment businesses, Sanlam Wealth.
PE firms have been buying up companies that advise individuals on their wealth, surging to a record 223 in 2021. (Financial Times, December 2021)
Financial sponsors (acquisitions):
Financial sponsors (WealthTech funding rounds):
Financial advisers/Investment banks:
Foreign investors:
Market appetite:
MBOs:
Differing FI prerogatives
UK investors turned their backs on passive funds in July 2021, favouring actively managed sustainable investment products which chalked up one of their best months on record. (Financial News, August 2021)
Tag-out (disposals):
Tag-in (acquisitions):
Financial planning M&A
Financial sponsors:
Trade consolidators:
Fund management M&A
Deal highlight:
White & Case advised JTC, the global professional services business, on its acquisition of Essential Fund Services, the private capital fund administration services specialist.
The corporate and fund services space has seen relatively consistent numbers of transactions involving Europe-based targets over the last few years, and data suggests that the trend will continue. (Mergermarket, July 2021)
Tax advisory M&A
Debt servicing/NPL management
Asset management in the digital world
Digitalisation marches on
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