Mergers and acquisitions between independent registered investment advisory firms are primed for resurgence, owing to changes in the market environment and a new pool of potential buyers, according to a recent study by Pershing Advisor Solutions.

Titled “Real Deals 2009: Definitive Information on Mergers and Acquisitions for Advisors,” the study also provides guidance for firms currently considering or pursuing a sale, merger, or acquisition, by assessing the impact of various developments over the past year, including the level of transaction activity, the impact of the economic climate on valuations and deal terms, the shifting appetite for transactions among leading buyer and seller types and the most notable deals announced in the past year.

"Capital constraints, economic uncertainty and increased levels of caution characterize the current attitudes of marketplace participants and serve as a leading catalyst for slowing M&A activity. However, despite the current slowdown, industry M&A activity appears poised for a rebound. Advisory firm owners are interested in liquidity, serial buyers remain strongly committed to their longer-term acquisition strategies and the pace of RIA-to-RIA mergers and acquisitions has increased," said Pershing chief executive officer Mark Tibergien in a statement.

Pershing Advisor Solutions is an affiliate of Pershing LLC, which is owned by financial services company BNY Mellon. “Real Deals 2009” is the third in Pershing’s “Real Deals” series, with previous studies published in 2006 and 2008.