Wealth management M&A activity bounces back
Other - OCTOBER 18, 2023

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Wealth management M&A activity bounces back

by Andrea Zander

There were 86 M&A transactions announced in the wealth management sector in third quarter 2023, a rebound to levels of deal activity not seen since early 2022, according to Echelon Partners.

Most transactions take an average of nine months to complete, so third quarter’s increase is likely reflective of the increased economic optimism buyers and sellers began to feel in early 2023 as capital market conditions started to improve. Strategic acquirers continue to dominate the wealth management M&A ecosystem, accounting for 90.6 percent of transactions in the third quarter 2023.

While RIAs continue to dominate the overall wealth management buyer market, this quarter’s

largest transactions included a diverse group of RIAs, private equity firms, insurance companies, pension plans and asset managers. Goldman Sachs was both a buyer and seller in the quarter’s top deals, acquiring a stake in World Insurance Associates (via GSAM), while also selling Goldman

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