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Article: More wheeling and dealing on the horizon; A wave of M&A activity is coming in the investment management industry, BlackRock's Fink predicts.(News)
- Article from:
- Investment News
- Article date:
- October 26, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Hoffman
A mergers and acquisitions maelstrom continues to grip the investment management industry as banks and brokerages look to shed their asset managers, though the improving cash flows into mutual funds may make it at least temporarily more difficult to get such deals done.
For now, the increase in assets has caused potential sellers to increase their asking prices, but buyers aren't ready yet to fork over the extra cash, said Gary Horowitz, a partner with Simpson Thacher & Bartlett LLP.
"Valuations may be an impediment in the short run, said Mr. Horowitz, who helped put together the $1 billion agreement inked last month by ...