The asset management world is on a buying spree that makes previous years look like window shopping. Global M&A volumes in the sector have reached $53.8 billion year-to-date through late August 2026, according to Dealogic data, the highest level since the firm started tracking the figures in 1995.
The logic driving these deals is straightforward: get bigger or get left behind. Fee compression from the rise of passive investing, the need for broader geographic reach, and demand for multi-asset-class platforms are all pushing firms toward consolidation at a pace the industry has never seen.
The deals driving the numbers
Several blockbuster transactions are anchoring the record-breaking total.
Victory Capital agreed to acquire First Eagle for $7 billion, a deal that would combine the two firms into a manager overseeing roughly $571 billion in assets.
