An uptick in mergers and acquisition among investment advisory firms at the end of last year suggests that the pace will increase, according to a study by Pershing Advisor Solutions, a unit of BNY Mellon. However, there were fewer deals, and they took longer to complete in last year, compared to the peak in 2007.

Only 41 deals involving firms with more than $100 million in assets under management were completed, and the firms acquired were smaller. The median assets under management of all acquired firms last year was $400 million, the lowest median asset level observed in the last 10 years and about 15% lower than in 2009.

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