Business Transformation | 10.27.26
PE-Backed Buyers' Deal Volume Dips as RIA M&A Stays Strong
by: Patrick Donachie
Echelon Partners reported 125 registered investment advisor (RIA) mergers and acquisitions in the third quarter of 2026, tying for the second-highest quarterly total on record. Private equity-backed buyers participated in 73.6% of deals, down from 75.8% in the second quarter, while overall activity remains on pace to exceed 500 transactions for the year, surpassing 2025’s record 466. Average deal size declined as serial acquirers focused on smaller acquisitions. Nevertheless, 33.6% of 2026 deals involved firms with more than $1 billion in assets. Other industry reports showed a quarterly slowdown but maintained that a record year remains possible.
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