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Friday, December 29, 2023

Who Bought Whom In 2023?

Reported by Neil Anderson, Managing Editor

Consolidation continues in the mutual fund and ETF business (and the rest of the U.S. asset management business). Here are some of the deals that went down in 2023:

January 10 - The Spouting Rock Asset Management team unveiled plans to buy Reinhart Partners, Inc.;

January 31 - Diffractive Managers Group closed on its planned acquisition of F/m Acceleration, a deal that was first unveiled in December 2022;

February 2 - The Cohen & Company team unveiled plans to buy BBD, LLP;

April 1 - Virtus closed on its planned acquisition of AlphaSimplex, LLC, which was was first unveiled in October 2022;

April 4 - Casey Crawford unveiled plans to buy Vident's business;

May 2 - The PGIM team unveiled plans to buy Deerpath Capital Management, LP, and Franklin Templeton acquired volScout, which became Franklin MOST;

5/12 - The Shelton Capital Management team unveiled plans to buy Rockwood Capital Advisors, LLC;

5/15 - AXS bought ACM Funds;

5/31 - The Franklin Templeton team unveiled plans to buy Putnam Investments, and now the deal is expected to close in January 2024;

6/12 - The Amplify ETFs team unveiled plans to adopt ETFMG's ETF Lineup;

September 8 - VettaFi acquired EQM Indexes, LLC;

September 30 - GLOBALT Investments LLC gained its independence;

October 4 - The AXS team unveiled plans to buy Knowledge Leaders Capital;

October 16 - TCW Group acquired Engine No. 1's ETF business and infrastructure, after the deal was unveiled in July;

November 10 - Hennessy closed on the acquisition of the assets of the CCM Small/Mid-Cap Impact Value Fund, a deal unveiled in April (though a related Hennessy purchase, of the assets of the CCM Core Impact Equity Fund, is still pending).

Did we miss a deal? Let us know at editors@401kWire.com.

In the meantime, watch MFWireWire's deal sheet to keep up-to-date on deals throughout the year. And for a look back on 2023's retirement plan industry deals, read this update from 401kWire, a sister publication to MFWire. 

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