The pace of mergers and acquisitions in the asset management industry is expected to pick up for the rest of this year both nationally and globally after tumbling in the first quarter.

Deals involving managers of alternative strategies and independent firms in particular are increasing, according to a report released this month by Jefferies & Co.'s Financial Institutions Group. More than half of global asset management deals in the first quarter involved acquisitions of alternative managers, versus one-quarter in the first three months of 2009, the report said.

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