The first quarter was lackluster for financial services mergers and acquisitions, with only 37 deals, compared with 57 in the first quarter of 2008, Jefferies Putnam Lovell reported.

But because so many banks are looking to raise capital, they are likely to sell their asset management divisions, and M&As should have a good year, Jefferies Putnam Lovell added.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.