A multilayered map of M&A transactions in the global AM industry over time. This detailed, quantitative report looks at AuM price multiples over time compared to implied listed multiples, the most active buyers and sellers, an overview of the different M&A strategies, net buyer and seller countries, and price performance before, during, and after M&A activity. Invaluable if you are contemplating a transaction or want to know what your competitors are paying.
 
LQR write indepedent, impartial reports, without the consulting scaremongering and sales pitch, telling it as it is, backed with quantitative arguments.
 
This report covers M&A in the asset management industry, particularly exploring price performance around M&A transactions, the change in transaction volume over time relative to the equity market prices, and deal characteristics such as price to AuM.
 
The audience for this report is CEOs, CFOs, financial analysts, financial journalists, industry consultants, advisory consultants, regulators, AM sales teams, private investors, portfolio managers, academics, and other interested persons.
 
Table of Contents
Overview
Purpose
Data
Related publications
Executive Summary
M&A Strategies Commentary
Industry M&A Aggregates
Acquisitions (Count) per Year
Aggregate Transaction AuM by Year
Total Transaction Value
Median Transaction Value by Year
Change in Manager Count
Herfindahl- Hirschman-Index
Buyers, Sellers, Targets
By Type
Relative Size
Top Tables
Largest Transactions by Value
Largest Transactions by AuM
Largest By Year
Most Active Buyers by Count
Most Active Buyers by AuM
Most Active Buyers by Relative AuM
Most Active Sellers by Count
Most Active Sellers by AuM
Largest Transactions of 2023
Transaction Characteristics
Deal Duration
Contingent Payments
Target AuM Distribution
Change in AuM between Announcement and Completion
Asset Class Popularity
Price Performance
After IPO
After Merger
After Large Acquisition
Target Prior to Acquisition
Multi Small Acquisitions
Target on Acquisition Announcement
Prior to Merger
Targets on Merger Announcement
Country
Transaction Multiples
Price to AuM
Price to Target AuM Size
AuM Margin
Transaction Implied Earnings Yield
Control Premium?
Appendix
Regression Results
 
Table of Figures
Figure 1: Takeovers (Count) within Top 500 by Year
Figure 2: Takeovers (Count): All Known by Year
Table 1: Transaction AuM by Year
Figure 3: Transaction AuM by Year
Figure 4: Total Transaction Value by Year
Figure 5: Change in Aggregate Transaction Value by Year
Table 2: OLS Regression Result: Change in Transaction Value ~ Change in S&P 500 index
Figure 6: Transaction Consideration Quartiles by Year
Figure 7: Surviving AM Count by Founding Year 1969-2022
Figure 8: Surviving AM Count by Founding Year 2012-2022
Figure 10: Herfindahl-Hirschman-Index
Table 3: M&A Activity by Ownership
Figure 11: M&A Activity by Ownership
Figure 10: Buyer AuM to Target AuM
Table 4: OLS Regression Result: Target AuM ~ Buyer AuM
Table 5: Largest Transactions by Value
Table 6: Largest Transactions by Deal AuM
Table 7: Largest Transaction Consideration by Year
Table 8: Most Active Buyers by Count
Table 9: Most Active Buyers by AuM
Table 10: Most Active Buyers by Relative AuM
Table 11: Most Active Sellers by Count
Table 12: Most Active Sellers by AuM
Table 13: Largest Transactions for 2023 by Deal AuM
Figure 13: Distribution of Deal Duration
Figure 14: Distribution of Contingent Payments in Deal Consideration
Figure 15: Transaction AuM Distribution
Figure 16: Deal AuM by Year
Figure 17: Relative Change in AuM between Announcement and Completion Dates by Year
Figure 18: Relative Change in AuM between Announcement and Completion Dates
Figure 19: Relative Change in AuM between Announcement and Completion Dates Adjusted to Benchmark
Figure 20: Asset Class Popularity
Table 14: Price Performance After IPO
Table 15: Price Performance After Merger
Table 16: Price Performance After Large Acquisition
Table 17: Target's Price Performance Before Acquisition
Table 18: Price Performance Before Merger
Table 19: Net Change in AuM by Country 2012-2023
Figure 21: Price per AuM Unit by Time
Figure 22: Quartile Price (log10) per AuM Unit by Time
Figure 23: Distribution of Price per AuM Unit
Figure 24: Price per AuM to Target's AuM
Figure 25: Median AuM Margin
Figure 26: Transaction Implied Earnings Yield