The global asset management industry has reached record M&A activity with $53.8 billion in transactions between January and August 2026, according to Dealogic data, the highest level since tracking began in 1995. Fee compression from the rise of passive investing and the need to expand geographical coverage are pushing firms toward unprecedented consolidation. Among the major deals, Victory Capital agreed to acquire First Eagle for $7 billion, while Trian Fund Management and General Catalyst took Janus Henderson private for $8 billion. US buyers’ cross-border purchases into Europe exceeded $14 billion, another record pace. If activity holds through year-end, the annual total could surpass any on record.
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