EEUU apuesta por la compra de gestoras de activos

American firms are ramping up their offensive against the European asset management sector, with acquisition spending reaching its highest level in decades, according to Dealogic. European asset managers and asset-backed firms have been bought by American groups worth over $14 billion so far this year, the highest such figure in comparable periods since at least 1995.

The American buyers of this year include rival fund groups, insurers and venture capital firms. European asset managers face a higher risk of being acquired by American groups due to the pressure from low-cost passive funds on their income and the increasing regulation and costs. Risk capital groups have also been acquiring asset managers as demand for financial advisory services increases.

Tim Campbell, chief executive of Baillie Gifford, says the rise in costs and relentless pressure on fees is reducing margins. Clients are consolidating and opting to work with managers offering an integrated solution across asset classes. The larger American managers already have this scale, which is driving much of the consolidation and acquisitions.

For DWS CEO Stefan Hoops, scale is crucial. There are asset classes where everything will be reduced to price. Scale is needed to justify investment in large technology companies and provides market positioning power. The greater depth of the capital markets in the US gives American asset managers an advantage in the race to strengthen and expand.