The average deal size in 2011 was US$798 million, the lowest average since 2005. In contrast, there were 70 deals in 2010 representing US$63 billion in AUM, with an average deal AUM size of US$895 million.
"Market volatility and economic uncertainty led to a decline in M&A activity in the second half of the year," said Nick Georgis, vice president of Schwab Advisor Services. "RIAs remain the dominant buyer category, but we observed a measurable increase in the number of transactions completed by banks."
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Of the 57 deals tracked by Schwab in 2011, 58% of deals represented less than US$500 million in AUM, 33% of deals were between US$500 million and US$2 billion, and 9% of deals were greater than US$2 billion.
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