Less than three months after announcing a massive acquisition that would more than double the size of its business, the chairman of
And the next acquisition target could be a fund family owned by a bank.
“I think we have the building blocks in place for internal growth, but I would not rule out making another acquisition given our relative strength in the industry,” Bruce Crockett, Aim’s chairman, said in an interview. “I look at all of the TARP babies and I see a lot of banks that are going to have to liquefy certain assets. I look at regional banks and smaller money market providers and see a lot of potential acquisitions. I think we are on the cusp of some significant consolidation in the fund industry.”
Invesco announced in October that it would buy the
Crockett said the acquisition, which is expected to close in the first or second quarter, would more than double Aim’s assets under management, which stand at $157 billion as of Nov. 30, and increase its fund lineup from to 240 funds from 100.
By the time fund integrations are completed in 2011, he said Aim would have a total of around 130 mutual funds, but more deals could follow.
