and LPL Financial and Macquarie's bid for Waddell & Reed's businesses, the asset and wealth management industries underwent drastic consolidation.
Investment management merger and acquisition activity in the US was valued at some $28 billion this year, the highest overall deal value in the sector since $29 billion in 2000, according to data from Dealogic. Meanwhile JPMorgan, Goldman Sachs, and Citi all laid out new ambitions or executed on plans to grow their wealth businesses, and aAnalysts and executives expect the wave of consolidation to carry into next year as sheer scale has become a necessity for fee-pressured investment managers looking for an edge.
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