Alts Deals Lead Asset Managers’ M&A Activity in 2024

Asset and Wealth Management (AWM) deals faced some challenges in Q3 due to the impact of the US presidential election and uncertainty around interest rates, as per PwC’s 2025 US deals outlook.

The trend in deal activity began strong in Q1, with 79 announced deals, but later dipped to 63 by the time Q3 hit. Despite this decline, Greg McGahan, PwC’s AWM Deals Leader, who played a key role in putting together the report, remains hopeful about the deal climate in 2025.

McGahan expressed his optimism by stating, “I think we’re going to see a lot of continued deal activity as we roll through 2025 … I think a lot of the uncertainty is behind us. We have an election behind us. I think the question of the soft landing is sort of behind us, and I think people have an understanding of where the economy is and expectations on interest rate cuts are understood.”

In light of these insights, experts foresee a new chapter in the sector, bringing a likely abundance of new deals and partnerships in the near future.