A bull(ish) note from growing investment banking group Jefferies Putnam Lovell predicting “a steady flow of M&A activity in the global asset management industry” for the second half of 2009.
Jefferies is basing its view on the following factors:
divestitures by larger financial groups shoring up their capital base
pure-play asset managers looking to bulk up
private equity firms drawn not least by lower capital requirements
And the firm is putting its money where its mouth is. It has recently been hiring scores of senior bankers from rival firms as it seeks to build itself a major presence.