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 2025:

March 20 - The Hennessy Advisors, Inc. team publicly agreed to adopt STF Management LP's two ETFs in a deal expected to close in December 2025;

April 11 - American Beacon adopted the Ionic Inflation Protection ETF;

April 17 - Horizon Investments acquired a majority of the assets of New York City-based Centre Asset Management;

August 29 - Natixis Investment Managers' Gateway Investment Advisers acquired the business of Los Angeles-based Belmont Capital Group;

December 1 - Nomura closed on its planned acquisition of Macquarie Asset Management North American and European public asset management business;

December 5 - the Virtus Investment Partners team publicly agreed that the firm will buy a majority stake in Salt Lake City-based Keystone National Group in a deal expected to close in Q1 2026;

December 22 - the Trian Fund Management, L.P. and General Catalyst Group Management, LLC teams publicly agreed that the companies will take London-based Janus Henderson Group plc private in a deal expected to close in the middle of 2026.

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

In the meantime, watch MFWire's deal sheet to keep up-to-date on deals throughout the year. Here's a look back at 2024 deals. And for an overview of 2025's retirement plan industry deals, read this update from 401kWire, a sister publication to MFWire. 

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