Mergers and Acquisitions in the Financial Sector - Insights from September 2025
In the past year, the European asset management industry has witnessed a flurry of significant transactions, as established players reposition themselves and newcomers make their mark. Here's a roundup of some of the most notable deals that have shaped the industry over the past 12 months.
M&A Activity
- CVC, Nordic Capital, and Platinum Ivy acquired Hargreaves Lansdown, a UK-listed asset management firm, in a major deal advised by White & Case.
- Banco BPM acquired 89.9% of Anima Holding via a public tender offer, expanding its presence in the Italian asset management sector.
- Oaktree Capital Management acquired Close Brothers Asset Management, strengthening its position in the UK market.
- Aquiline Capital Partners acquired a majority stake in Isio Group, a UK-based asset management firm.
- Franklin Templeton acquired a majority stake in Apera Asset Management, furthering its expansion in the UK.
- BPCE / Caisse d'Epargne et de Prévoyance Hauts de France acquired Bank Nagelmackers, broadening its footprint in France.
- Amundi acquired Aixigo in Germany, bolstering its digital capabilities.
- Banco Santander acquired 89.9% of Tresmares Capital in Spain, consolidating its position in the Spanish asset management market.
- Apex Group acquired a majority stake in Tokeny in Luxembourg, enhancing its digital asset services offering.
- Fondazione Cariparma, Fondazione Cariplo, Fondazione Sparkasse di Bolzano, and Fondazione Sardegna acquired stakes in Quaestio Holding, an Italian asset management firm, indicating a growing trend of foundations investing in the sector.
Strategic Investments
- Nomura acquired Macquarie's U.S. and European public asset management business, expanding its presence in the region.
- ING acquired 17.6% of Van Lanschot Kempen, deepening its footprint in the Dutch market.
- Goldman Sachs Asset Management sold its 15% shareholding in Prima Assicurazioni to AXA in Italy, marking a strategic move for both parties.
- Nordic Capital and Ontario Teachers' Pension Plan Board made an equity investment in Max Matthiessen in Sweden, signalling a growing interest in the Nordic region.
- TPG acquired a minority stake in Homrich Berg in the US, reflecting the global ambitions of both parties.
- Lunate made an equity investment in Azura Partners in the UK, furthering its expansion in the wealth management sector.
Digitization and Partnerships
Prior to the pandemic, wealth management was a sector known for its personal, high-touch interactions. However, COVID-19 accelerated its digitization process. This trend is evident in the partnerships and investments made in digital solutions. For example, Azimut formed a partnership with FSI to launch TNB, Unicaja Banco formed a private lending JV with Zenon Asset Management, and Flanks and Fundment successfully completed funding rounds for their digital platforms.
Expansion Through Acquisitions
While the asset management industry has seen significant M&A activity, private equity firms conducting major transactions in the sector were not identified in the past 12 months. Instead, many deals reported involve Verve Group expanding through acquisitions in digital advertising technology and other sectors, but not directly asset management.
New Entrants
New players are also making their mark. Brock Milton Capital listed on Nasdaq First North Growth Market, while RockFi successfully completed a €18 million Series A funding round led by Partech. QPLIX successfully raised €25 million in equity investment from Partech, indicating a growing interest in disruptive, technology-driven solutions in the asset management industry.
As we look ahead, it's clear that the European asset management landscape will continue to evolve, with a focus on digitization, strategic partnerships, and M&A activity shaping the industry's future.
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