The Investment Managers sector is highly responsive to economic trends. An ageing population, as well as the investment needs of the younger generation and of emerging countries continue to drive the sector.
The industry itself, however, is likely to consolidate around a smaller number of mega-managers and large niche players and an increase in the number of strategic alliances. Independent asset managers are becoming more significant. Regulatory scrutiny will only increase.
Regulatory capital requirements and other regulatory changes, such as the Alternative Investment Fund Managers Directive (AIFMD) and the Market in Financial Instruments Directive (MiFID II) in Europe; and the Volker Rule and Dodd-Frank in the United States are resulting in structural changes.
Banks are deleveraging, whether needing to sell or to focus on their core business. Alternative Credit Providers (ACPs) are continuing to fill the gap left by banks who are unable or unwilling to lend.
Standalone asset managers, investment management arms of banks and insurance conglomerates and alternative asset managers, including hedge funds and ACPs - both onshore and offshore - rely on Linklaters’ understanding of the commercial, competitive and regulatory pressures being faced.
We draw on our global corporate, finance and regulatory expertise to advise investment management clients in mature and emerging markets on matters including corporate/M&A, regulatory, investment funds, employment, tax and banking.
To discuss, please contact one of Linklaters’ Investment Management Sector Leaders: Edward Smith, Edward Chan, Peter Bevan or Lorna Bowen.
You can find out more about Linklaters’ investment management capabilities from sector manager Alison Dwyer.
Investment Managers sector experience includes advising:
- Julius Baer Group Ltd. on the acquisition of the non-US Global Wealth and Investment Management business of Bank of America Merrill Lynch, comprising US$84bn of assets under management
- ORIX Corporation on the €2bn acquisition of a 90% interest in Robeco Group NV from Rabobank, the largest acquisition of an asset manager by a Japanese corporate
- BlackRock on its acquisition of a Barclays Global Investors, resulting in the world’s largest asset manager. Our multi-jurisdictional advice covered the non-US corporate and regulatory elements of the acquisition and reorganisation
- The financial institutions and insurance companies that were part of the Dexia Group (now Belfius Bank and Belfius Insurance, Banque Internationale à Luxembourg, Dexia Asset Management and RBC-IS) and Dexia SA on the US$1.3bn sale of Associated Dexia Technology Services to IBM Corp and IT outsourcing agreement