Mergers and acquisitions activity among money managers during the year 2013 seems to have reversed from last year 2012, with non-U.S. transaction values rising in 2013 compared with 2012, while U.S. money manager activity has gone down in terms of transaction value.

Strategic Rationale

In the largest asset manager divestiture by a bank since BGI in 2009, Rabobank unearths a new entrant to the industry in ORIX, a Japanese financial services company.

Strategic Rationale

Undercapitalized Lloyds Banking Group, 33% owned by the UK government, places its ownership of this highly valued private wealth manager in the London market in three separate tranches.

Strategic Rationale

MetLife expands its emerging market presence by acquiring the largest private pension fund administrator in Chile while enabling Spanish bank BBVA to continue its program of divestitures.

Strategic Rationale

As the first step towards an eventual public offering, Santander announces the sale of 50% of its asset management business to private equity.

Strategic Rationale

Lloyds Banking Group exchanges its ownership of SWIP for 9.9% of Aberdeen and a five year earnout of up to £100 million, resulting in Aberdeen taking the crown as the largest publicly-traded fund manager in Europe.

Strategic Rationale

Management buyout of this successful French-based private equity group which was started by AXA in 1996. Renamed Ardian, AXA will own 23% and has agreed to commit €4.8 billion to new Ardian funds.

Strategic Rationale

This secondary placement by Apollo insiders and strategic investors, after a 32% rise in share price since its March 2011 IPO, is the largest transaction in the U.S. for the year.

Strategic Rationale

New York Life steps into the shoes of GCS Capital, the previously announced winner of this long-running auction, after GCS failed to raise the necessary financing.

Strategic Rationale

Schroders substantially expands the scale and capabilities of its private banking business by acquiring this leading UK wealth management business. Pretax cost synergies are expected to be about $20 million per year.

Strategic Rationale

Credit Agricole increases its stake to 80% in Amundi, the largest European asset manager formed from the 2010 merger of Credit Agricole Asset Management and Societe Generale Asset Management. In exchange, Societe Generale takes full ownership of Newedge Group, their brokerage joint venture.