Mutual fund companies are increasingly looking around the world for areas to growth through mergers and acquisitions, The Wall Street Journal reports.

Of the 42 M&A deals in the first quarter, half were cross-border deals, according to Putnam Lovell NBF Securities. Half were by foreign firms acquiring U.S. companies, and half were the other way around.

The 42 deals covered total assets under management of $670 billion, for which companies paid $10.5 billion.

“The U.S. mindset is definitely becoming more globally centric,” said Darlene DeRemer, a partner with Grail Partners.

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