With faith restored in the global asset management industry, due to a four-month stock market rally and more voices saying the economy is on the mend, mergers and acquisitions in the industry will see a brisk pace in the second half of the year, Jefferies Putnam Lovell says.

What drove M&As in the first half of 2009 will continue in the next six months, the investment bank said: companies needing to raise capital, pure-play asset managers looking for large scale and expanded offerings, and private equity firms drawn to the industry’s potential for growth and strong profits.

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