M&A among wealth managers up this year

[GENEVA] Mergers and acquisitions among wealth managers rose this year, with almost US$760 billion of client assets traded, according to Scorpio Partnership.

More than 60 transactions have taken place, with purchase prices tumbling to an average of 1.22 per cent of managed assets from 3.7 per cent in 2008, the London-based consultancy said yesterday, citing a study it conducted.

"The M&A tempo has reached a new level," said Sebastian Dovey, a managing partner at Scorpio. "The question these findings raise is: How much further can M&A valuations actually fall?"