One third of private banks are looking to acquire an investment management firm, and a number of investment banks, weary of the fund scandal, are looking to divest their mutual fund units, a new KPMG report.

KPMG surveyed financial service firms across the world and found that the private banks are looking to make their acquisitions within the next three years. Firms within their own nation continue to be of particular interest. The reason banks are looking domestically is because there are a large number of small private banks that do not have the resources to become internationally based.

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