GLOBAL - Nearly 70% of all asset management merger and acquisition activity in the third quarter were a result of banks shedding their asset management arms, data by Jefferies Putnam Lovell showed.
Examples included Bank of America's US$1bn sale of its Columbia Management business to Ameriprise and Sumitomo Trust & Banking's US$844m acquisition of a 64% stake in Nikko Asset Management. Jef...
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