2020 Alternative Asset Manager Update

While frigid temperatures disrupted travel and infrastructure across the country, the RIA M&A market has remained anything but frozen. Deal activity continues at historically strong levels, reminding firms that favorable conditions are best used to prepare for the inevitable shifts that come with market cycles.

M&A activity in the RIA industry remained elevated through the end of 2025, capping a year defined by historically strong deal volume. While monthly deal counts in the fourth quarter moderated from the record-setting pace observed earlier in the year, overall activity remained well ahead of prior-year levels.

Alternative asset managers faced a more challenging quarter, with declining prices and valuation compression driven by investor preference for traditional strategies in a higher-for-longer rate environment. Despite near-term headwinds, scale, recurring revenue models, and long-term growth fundamentals continued to underpin investor interest across the sector. We explore these trends further in our Q4 2025 Market Update.