Ask European investment bankers in financial institutions groups (FIG) about asset management, and their eyes light up. Here is a sub-sector where transformational deals are happening, even cross-border ones.
Soon after the 2008 crisis, it looked like the UK banks were showing the way forward for in-house asset managers – by selling them. Lloyds and RBS respectively sold to Aberdeen and Barclays to BlackRock.
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Almost a decade later, however, asset management is vital to some of the most successful big continental banks, not least because it is relatively risk-free and capital-lite.
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