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The purpose of this report is to provide readers with an initial understanding of the rapid consolidation taking place in the banking, brokerage, insurance, & asset management industries. Over recent decades, Glass Steagall has fallen and the financial services industry has picked up its mergers & acquisitions trend. Banks have acquired other banks, brokerage firms, & asset managers. Insurance companies have acquired other insurance companies, independent broker/dealers, & asset managers. Full-service brokerage firms have acquired other full-service brokerage firms and asset managers. And asset managers have acquired one another. With all this activity, what is left? Lots! This report profiles the enormous number of transactions that have taken place and lays the groundwork for the expected consolidation over the coming decade. The acquisition market continues to evolve and data still seems to be analyzed in silos. As a result, Tiburon’s primary objective of this report was to bring a common set of facts to all market participants. This is the third draft of Tiburon’s research on this topic. Tiburon’s first draft of this report was published in 2005; that draft consolidated prior Tiburon research into one report and outlined the framework for gathering more data. Tiburon’s second draft of this report was published in 2008; that draft coordinated the prior findings of this report with Tiburon’s banking, brokerage, and insurance industry reports. This is Tiburon’s third draft of this report... More
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