M&A

Monika Calay, Director of UK Manager Research at Morningstar, writes that: “The European asset management industry faces growing competitive pressure, including from large, scale-driven US firms. While high-profile transactions, such as BNP Paribas’ acquisition of AXA Investment Managers, and Natixis Investment Managers’ planned merger with Generali Investments, might create the impression of accelerated consolidation in asset management, our analysis of M&A activity among Europe’s leading asset managers tells a different story. Consolidation in Europe remains limited, with most firms favouring organic growth – expanding product offerings, capabilities, and operational efficiency – over M&A.