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Summary: Large RIAs managing between $1 billion and $5 billion in assets sold in record numbers during the first quarter of the year, according to the Nuveen/DeVoe & Co. RIA Deal Book. While this segment usually accounts for 11% of total M&A transactions, to date it has comprised 21% of the transactions, nearly double the average.
 Banks have also re-entered the space in a big way. They were dominant buyers before the financial crisis and now that they have paid off their TARP loans they're looking at large RIAs for the same reasons as before: The RIAs have attractive UHNW clients that they want to cross-sell banking services to, and they want to move banking customers to wealth management. That's the aspiration, but it's hard to execute."David DeVoe, managing partner and founder, DeVoe & Company |
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