Michael Fiala/ReutersFranklin Resources and Legg Mason's $4.5 billion merger is the latest, and biggest, consolidation in the increasingly competitive active asset management space.
"We believed both firms were likely to be acquirers of smaller asset managers as opposed to either one being an acquisition target," Greggory Warren, an analyst at Morningstar, said in a report. Discussions have not gone very far because of the price requested by Great-West, which paid $3.9 billion for the asset manager in 2007.
The investment firm Waddell & Reed, with the asset manager Ivy Investments under its umbrella, reported $10 billion in net outflows in 2019 across all of its funds and $1 billion in overall revenue. Waddell is also trying to convey itself as an agile firm as the broader active asset management industry undergoes sweeping changes.a new chief investment officer, Daniel Hanson, as the company "furthers transformation." It noted that Hanson has a focus in ESG investing.
Russell Investments chief executive Michelle Seitz told Business Insider last October, just as competing brokerages all eliminated trading commissions, that she was wary of what some of the knock-on effects of no-commission trades might be for longterm investors.
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