Mergers and acquisitions slowed down in the third quarter after increasing since the last quarter of 2011, Pershing Advisor Solutions announced Nov. 9. There were just seven acquisitions for firms with at least $50 million in assets under management or $500,000 in annual revenue, down from eight in the second quarter. While the number of transactions fell by just one, total assets of target firms were $6 billion, down from $24 billion in the second quarter. The third quarter was the slowest so far in 2012, according to Pershing.
Although assets were down significantly, Pershing noted that of the seven transactions that targeted retail-focused RIA firms, three were for firms with more than $1 billion in assets. That brought the median AUM for target firms to $574 million, up from $521 million in the second quarter.
One of those $1-billion-plus firms was The Milestone Group with over $1.3 billion in assets. Denver-based Milestone, which targets clients with at least $2 million in assets, according to the firm’s website, was acquired by BOK Financial Corp. BOK announced the acquisition in August. After the acquisition, BOK will manage nearly $50 billion.