The data seems to accord with the run of reported deals this news service has covered in the North American and wider market.

Wealth and asset management M&A transactions rose by 15 per cent in the third quarter of 2025 from the preceding quarter, PwC has reported.

The rise was driven by wealth sector merges and acquisitions, rising by 15 per cent. 

“The Federal Reserve’s interest rate cuts are reducing financing costs, increasing the appeal of dealmaking for both strategic and financial acquirers,” the professional services firm said. “Buyers are both deploying capital and employing leverage to get deals done. Also propelling activity is the confidence investors have in the benefits of consolidation.”

This publication has reported on the sheer volume of deals. High-profile transactions include Miami-headquartered Corient’s purchase of two UK-based multi-family offices, Stanhope Capital and Stonehage Fleming; the acquisition by Cresset of Denver-based Monticello Associates; and SS&C Technologies’ purchase of Calastone, the international funds network.

PwC said optimism about the transaction pipeline for the next 12 months is growing amid signals of additional Fed rate cuts. 

Drivers of deals include widening retail access to private markets; shifting investor preferences, rising costs, fundraising headwinds, and fee pressures that erode margins and increase demand for economies of scale.  

“Shareholders are demanding higher returns, investors want more choice, and technology spend requires greater capital investment: these pain points will likely spur more AWM [asset and wealth management] dealmaking,” Greg McGahan, US financial services deals leader and AWM deals leader, said.