January, February Active Months for RIA M&A

It remains to be seen if 2026 will be a record-breaking year for mergers and acquisitions of registered investment advisers, but consulting firm MarshBerry’s M&A overview of the first two months showed wealth manager transactions keeping a robust pace.

The 55 announced M&A deals from January and February were an 8.3% decline from the same period in 2025—a record-setting M&A year—but 14.5% higher than the same period in 2024—the second-highest year on record.

Like last year, private-capital-backed buyers are dominating the M&A scene, responsible for 38 of the 55 transactions—69.1% of January and February’s deals. Independent acquirers were responsible for 13 deals, 23.6% of the market. The 10 largest buyers were involved in 43.6% of transactions.

The three most active acquirers—Hightower Advisors LLC, CAPTRUST Financial Advisors LLC and Mercer Advisors—accounted for 18.2% of the transactions. Mercer was tied for second-most-active buyer in 2025.

“From a MarshBerry perspective, we’re in conversation with more firms than ever,” says John Orsini, director of MarshBerry’s wealth advisory division and author of the report. “We are in market with more firms than ever, and that is not slowing down.”

Strategic Realignment

Advisor Growth Strategies’ “2026 RIA Deal Room Report,” sponsored by BlackRock, tallied a record-setting 276 RIA transactions in all of 2025, up from 233 in 2024, representing $796.4 billion in total purchased assets. The report also determined that M&A demand is at an all-time high and that RIAs are in a “strategic realignment phase,” focusing on “core” and “satellite” deals.

Core M&A, as defined by the report, focuses on “highly aligned lower-to-middle-market acquisition targets,” while satellite deals involve large RIAs diversifying their financial services through the acquisition of tax and accounting firms, wealth management firms, breakaway advisers, outsourced chief investment officers and turnkey asset management programs.

“M&A is no longer just a liquidity event; it is a strategic decision about alignment, talent and long-term direction,” wrote Katie Cullen, head of BlackRock business consulting, in the report. “Succession planning, next-generation leadership, and the ability to deliver a consistent client experience at scale have become central to value creation, not secondary considerations.”

Selective Buyers, Sellers

While overall M&A activity is high, a case study by Advisor Growth Strategies showed selective behavior among buyers. When six potential acquisition opportunities were evaluated by 17 buyers, no single acquisition target got a 100% bid rate. One of the sellers, a firm with $500 million in assets under management and 75% recurring revenue, was not considered an “ideal target” by any of the buyers.

Advisor Growth Strategies wrote that surveyed buyers preferred a “down the middle” approach, favoring scalable firms with at least $500 million in AUM and more than 95% recurring fees, showing a preference for client retention. They also wanted an average of 33% in equity, up 8 percentage points from 2025 and 10 percentage points from 2024.

Sellers are also weighing options, as evidenced by recent bidding to acquire , a London-based active asset manager. Janus Henderson announced in December 2025 its intent to accept an all-cash, $7.4 billion acquisition offer from Trian Fund Management L.P., which already owns about 20% of its shares, and General Catalyst Group Management LLC. However, on February 26, Victory Capital Holdings Inc. announced a counterproposal to acquire Janus Henderson for $8.6 billion.

Janus Henderson’s board turned down Victory Capital’s offer on March 11, but Victory Capital made another proposal on March 16, offering a 16% premium to Trian’s initial offer. Finally, on March 24, Victory Capital withdrew its proposal, saying in an announcement that the company was “disappointed,” but its “admiration” for Janus Henderson “remains unchanged.”

Rush Benton, managing partner in the boutique investment banking firm Gorman Jones and former head of M&A strategy at CAPTRUST, would not comment specifically on the Janus Henderson deal, but said there is a downside to high-profile negotiations.

“These deals are best left under the tent until they’re actually done, because things can always fall apart between signing a letter of intent and closing,” Benton says. “You don’t want [clients] hearing about it from somebody besides you. Same for your employees.”

Victory Capital twice besting Trian’s offer price to no avail also shows how money is just one factor in M&A, and sellers often seek a buyer that best fits their culture. Orsini calls Victory Capital a “fantastic company” that is likely to find more suitable acquisition opportunities in the future.