When worlds collide: Boutiques to benefit from 'crunch point' as mega-mergers ramp up

Jefferies analyst Tom Mills believes 2020 will be "something of a crunch point" for an industry that has consistently failed to deliver outperformance versus benchmarks and passive products. Morgan Stanley to acquire Eaton Vance in $1.2trn tie-up This has led to pressure on organic growth and fee margins, meaning appetite for mega-mergers continues to increase. The current year began with Franklin Templeton's $5.2bn acquisition of Legg Mason in February. That deal was eclipsed more recently by Morgan Stanley's $7.5bn purchase of Eaton Vance. A further blockbuster tie-up between ...