Disclosed deal values in the asset management space rose to $4.5 billion in the third quarter, up from $4.2 billion in the year-ago period, according Jefferies & Co.'s
financial institutions group, formerly Jefferies Putnam Lovell. Jefferies tracks global asset management M&A activity.
In the July to September period, the median deal value was $140 million, almost double the median ($73 million) in the same period last year.
During the quarter, a total of 38 deals were announced, compared with 66 a year ago. Assets that are changing hands amounted to $749 billion, compared with $728 billion last year.
According to Jefferies, divestitures represented the bulk -- 68 percent -- of third quarter deals, with the latest example being the sale of Columbia Management's long-term asset management
business to Ameriprise.
"As larger financial institutions refocus on strategic strengths, we expect they will continue to separate asset management distribution from manufacturing, keeping the former and seeking solutions for the latter businesses,’’ said Aaron Dorr
, managing director within Jefferies' financial institutions group, in a news release on Tuesday.
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