Deals involving asset managers rose during the third quarter, according to Jefferies Putnam Lovell, the investment banking unit of Jefferies & Co. Inc.
The global credit crisis provided the backdrop for divestitures, which rose to almost 40% of total sales during the quarter, from 23% a year earlier, according to Jefferies Putnam Lovell.
The unit said Tuesday that the number of manager transactions announced worldwide in the third quarter increased 33% from a year earlier, to 69.
Assets under management changing hands more than tripled, to $1 trillion. Total disclosed deal value rose 4.9%, to $6.4 billion.