M&A activity among asset management firms is skyrocketing: Global asset management deal volumes are up to $53.8 billion year-to-date, the highest level on record in data going back to 1995. This measures the combined value of announced mergers and acquisitions between fund management firms. This is already ~$26.0 billion above the full-year 2025 amount and has surpassed the previous full-year record of ~$47 billion in 2024. This comes as fund firms race for scale and broader reach across geographies and asset classes amid intensifying industry-wide competition. Fee pressure and competition from low-cost index funds are squeezing smaller managers, making scale increasingly critical to remain competitive. The asset management industry is consolidating at a historic pace.