随着道琼斯工业平均水平终于通过了20,000个里程碑，并购交易中间的资产管理人员将推动他们签署和交付。然而，一旦完成交易激增，根据新的研究，在2016年繁忙的交易后，行业的兼并和收购可能会开始缓慢。
Even though deal making will continue, firms will likely exercise greater caution given the new presidential administration of Donald Trump, according to Aaron Dorr, principal and head of asset management investment banking at Sandler O’Neill & Partners, which just published its 2016 Asset Manager Transaction Review & Forecast. Dorr explains that buyers and sellers will go slower as the year unfolds, watching the effect the Trump administration will have on financial regulation, taxation and the global economy. Buyers will also be pickier when it comes to choosing what to acquire.
“我们将看到比过去更合并。然而，买家正在更具选择性，并专注于在业务下面，他们正在购买以说服自己的增长或成本协同效应，“Dorr。
According to Sandler O’Neill’s research, 149 deals were completed in 2016, compared with 148 in 2015 and 135 in 2014. Although the number of deals in the past three years has held fairly steady, last year’s transactions were worth a combined $17.1 billion, up 82 percent from the previous year. The increase was driven by a few large deals, including UniCredit selling Pioneer Investments to Amundi in a deal价值3.7美元亿和亨德森集团和Janus Capital Group符合26亿美元的合并。
Sandler O'Neill还报告说，最受欢迎的收购目标是公司经营国际和全球股票战略以及固定收入。这些策略没有被投资者转移到被动资金的努力。
今年Dorr预计所有资产管理公司的卖家专注于可提供高增长销售机会的未来合作伙伴。近年来，许多公司没有良好的有机增长，他们需要新的想法和分销能力。谈到迎合机构投资者的管理人员，卖方只有在他们的表现很好的情况下，卖方将有很好的选亚博赞助欧冠择，只有他们的表现很好，说Dorr。
“如果养老基金有一个挣扎的经理授权，如果买方正在寻求重新分配投资组合管理职责，他们不会坚持，即使它可能是积极的，”Dorr说也是如此。“他们会刚刚发出RFP并重新开始。”
根据该报告，与更多平庸的资产管理人员相比，良好的企业将采取的价格将继续存在更广泛的价格。此外，该报告指出持续对替代投资公司的兴趣。
“您将看到传统的经理在公司提供投资策略的公司，以较长的资本锁定。至少在短期内，投资者的风险较少，这可以抵消其他流出，“Dorr。“这些策略，如房地产，基础设施和私人债务，也恰及投资者需求。”
多尔说,2016年我们资产管理事务re driven not just by the headwinds from the decreasing popularity of active management.
“The industry is mature,” he says. “If you decompose the growth of many traditional firms, you’ll see that AUM is being propped up by the friendly equity and credit markets of the past five years. That can’t be relied on. But one thing you can bank on is the cost savings that come from consolidation.”