Fidelity: Private Equity Reigns Over M&A Year

Fidelity’s review of 2025 mergers and acquisitions of registered investment advisers identified a new record of 276 completed transactions, totaling $796.4 billion in purchased assets. This surpasses 2024’s 233 transactions and $669.8 billion acquired assets.

Fidelity reported that private equity was responsible for 88% of last year’s transactions involving registered investment advisers, a trend that ticked upward in the second half of the year after it was responsible for 86% of transactions in the first half of 2025.

The year’s 20 largest acquirers by volume were all supported by private equity, according to the report, and Fidelity also found that strategic acquirers—those largely backed by private equity firms—dominated the acquisition market, making up 74% of the year’s transactions, up from 71% in 2024.

Leading Fidelity’s list of large acquirers was Wealth Enhancement, which completed 14 transactions totaling $11.1 billion in assets under management. Mercer Advisors followed with 13 deals totaling $10.1 billion, and Beacon Pointe Advisors placed third with 12 transactions totaling $6.8 billion. 

Echelon’s M&A tally confirmed that PE-backed buyers were a dominant player in RIA and wealth advisory M&A last year, as 75% of deal volume was either direct PE investment or involved acquirers with a PE sponsor. PE-backed buyers were responsible for 56% of last year’s deals that were worth at least $1 billion.

Six firms that appeared among Fidelity’s 20 largest acquirers in 2024 but did not make the 2025 list were CAPTRUST, OneDigital, Bluespring Wealth Partners, Diversify Wealth Management, Sequoia Advisors and Robertson Stephens Wealth Management. 

New firms helped shape the M&A landscape in 2025 as well, with 37 first-time buyers among the total 102. First-time buyers included Dynasty Financial Partners affiliate Americana Partners; First Manhattan; and Maridea Wealth Management, none of which were among the 20 largest acquirers. 

Median deal size remained consistent through 2025, ranging from $400 million to $600 million in assets under management, similar to the 2024 median of $536 million.