Asset management M&A breaks 11-year record

Mergers and acquisitions within the asset management industry surged to a record high in 2018, as rising costs, weak investor inflows and intense competitive fuelled deals. According to New York investment bank Sandler O'Neill, asset management deals rose to 253 last year, up from 210 in 2017 and surging past the previous record of 243 in 2007, breaking an 11-year record. Last year's single biggest deal was Invesco's $5.7bn acquisition of OppenheimerFunds from MassMutual, the US insurer...