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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 market segments. 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 expected consolidation (and divestitures) over the coming decade. This is the second draft of Tiburon’s research on this topic... More
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