US asset managers break M&A spending record
Industry reported $38bn in transactions in 2025 as consolidation intensifies
Industry reported $38bn in transactions in 2025 as consolidation intensifies

Highest-ever number of megadeals lifts total value of M&A by 50% in 2025

Quest for scale puts global money manager tie-ups on pace to crush last year’s deal total as costs and competition mount

Global dealmaking is up by a third this year, setting 2025 up to be the best 12-month stretch since 2021

US giants are better positioned than their European counterparts for M&A activity

Twenty-two transactions each valued above $10bn announced in past three months

Boards should heed the lessons of the last record surge in big M&A in 2015