12.16.25

AWM Dealmaking Momentum Builds Heading Into 2026

by: Steve Randall

Asset and wealth management (AWM) dealmaking is expected to remain strong in 2026, driven by lower interest rates, private equity interest and the push for scale, according to PwC’s US Deals 2026 outlook. Wealth management transactions rose 27% quarter-over-quarter in 2025, as firms seek recurring fee-based revenue, operational efficiency and platform growth. Rate cuts reduce financing costs, making leverage attractive, while consolidation helps counter fee pressure and margin compression. Retail access to private markets is expanding, with structures like evergreen, interval and semi-liquid funds facilitating integration into model portfolios and retirement accounts. Despite challenges from rising operating costs, tighter capital and private credit liquidity constraints, AWM M&A remains resilient, with a focus on full-ownership acquisitions, succession planning and operational integration to drive growth and protect profitability.

Read the full article on InvestmentNews