Fidelity Investments reported Friday that robust M&A activity continued in November, with 10 RIA transactions announced in the month.
According to Fidelity’s latest Wealth Management M&A Transaction Report, that was the same number as November 2018, but assets under management grew slightly, to $20 billion from $17 billion a year ago.
The November RIA transactions were dominated by Lovell Minnick Partners taking a stake in Pathstone and its more than $15 billion in assets under management.
Through the first 11 months of 2019, there were 116 RIA transactions, up 36% over the same period of 2018, Fidelity said. That represented $146 billion in AUM, up 34% over 2018, it said.
There were also two transactions in the independent broker-dealer channel in November, with the biggest by far being Advisor Group’s purchase of Ladenburg Thalmann and its $181.1 billion in assets under advisement, Fidelity said.
The other IBD transaction last month was Atria Wealth Solutions buying Western International Securities and its $13 billion in AUA, Fidelity noted.