Reuters- Global asset management takeovers surged in the first half of 2007 and the trend is seen continuing due to buying by private equity firms and the hunt for international and hedge fundassets, according to a report issued on Monday.
The number of deals in the first six months of 2007 rose to 112 from 86 in the same period of last year while the amount of acquired assets under management rose to $1.26 trillion (630 billion pounds) from $962 billion, said Putnam Lovell NBF Securities, an investment bank focused on financial services.
The value of asset management merger and acquisition transactions more than doubled January-June to $32.3 billion, from $13.7 billion in the year-ago period, the firm said.
Recent M&A deals in the industry include the $5.75 billion bid for Nuveen Investments (JNC.N: Quote, Profile, Research) by an investor group led by private equity firm Madison Dearborn Partners LLC, and BlackRock Inc.’s (BLK.N: Quote, Profile, Research). purchase of Quellos Group’s fund of funds business for up to $1.7 billion to expand its hedge funds.
For all of 2006, there were 191 asset management M&A transactions and acquired assets under management totaled $2.6 trillion and transaction value hit $44 billion, it said.
