As M&A activity rebounds, Fidelity Institutional Wealth Services is throwing its hat into the mix. Not a moment too soon: TD Ameritrade unveiled its own M&A shop in May.
Besieged with requests from registered investment advisor (RIA) clients, Fidelity finally decided to oblige them. The company won't confirm when the new business line will open, however.
According to David Devoe, director of advisor transition support for Charles Schwab, there were "36 RIA M&A deals with a combined $53 billion of assets under management acquired in the first half of 2009."
Not bad, considering there were only 32 such deals closed in 2007 and 31 in 2006.
All of that activity is practically begging for handlers; when Fidelity's program takes off, it's going to need warm bodies to work on the deals. Stay tuned for the inevitable job postings.
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