With prices for asset managers at an all-time high, prospective buyers have become pickier than ever about available properties. At a seminar Monday in New York, a panel of investment bankers offered tips on finding and wooing partners.

Investment companies with $20 billion to $50 billion, once a "sweet spot" for buyers, have become hard to find, said Milton R. Berlinski, a managing director of Goldman, Sachs & Co. But less obvious targets are still out there, he told the seminar sponsored by Glasser LegalWorks and Bowne & Co.

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