Passive aggression

22 December 2017 By Alec Macfarlane

While U.S. and European outfits battle competition and regulation, wealth is ballooning in China, and many firms are looking for growth. It’s the perfect recipe for a big cross-border deal, perhaps involving a name such as Franklin Templeton or Deutsche Bank’s DWS unit.

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Standard Life and Aberdeen Asset Management completed an 11 billion pounds, then equivalent to $14 billion, merger in August, creating Britain’s biggest so-called active manager with assets of about 670 billion pounds.

The merger followed other large combinations among active fund managers, intended to safeguard them from the growing threat from passive investment. They included the $6 billion union of British asset manager Henderson Global Investors with U.S. funds firm Janus Capital, which was announced in 2016.

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