Amid the S&P 500’s 4.6% decline in the first quarter of 2025, the wealth management mergers-and-acquisition market remained robust, with 118 announced transactions, Echelon Partners reported Wednesday.
This was just seven deals shy of the all-time high of 125 announced transactions in the fourth quarter of 2024 and is a roughly 31% jump from the number of transactions in the first quarter of 2024.
Transactions tied to a total of $805 billion of assets took place in the first three months of 2025, though this combined figure excludes deals involving $20 billion of assets or more.
Echelon said that given the industry’s resilience during the first quarter, it expects 2025 to be the most active year in dealmaking history.
RIAs announced 86 transactions in the first quarter, representing 73.7% of total deal volume. This was a decline of 14 deals from the 2024 final quarter, but total transacted assets increased by 7.6%, suggesting a greater focus on larger firms.
Private equity and other financial sponsors announced 15 deals, one less than in the fourth quarter. Total transacted assets by private equity firms increased to $56 billion from $34.3 billion quarter over quarter.
Investors announced 35 transactions in the wealthtech subsector, on par with 39 transactions recorded in the fourth quarter. Echelon said this demonstrates continued interest through capital raises, minority investments and add-on acquisitions.
See the accompanying gallery for the 10 largest M&A deals in the first quarter.
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