Key Takeaways
- • Tracked wealth and asset management M&A fell to 98 transactions in Q2 2026, down from 116 in Q1 2026 and 107 in Q2 2025, and below the 12-quarter trailing average of about 99 deals.
- • Private equity sponsors were involved in 39.8% of Q2 2026 transactions (39 of 98), up from 18.3% in Q3 2023 and near the 43.2% peak recorded in Q3 2025.
- • First-half 2026 deal volume of 214 was essentially flat against 213 in H1 2025 and up from 188 in H1 2024, per Ankura's tracker.
- • PE activity is concentrated in smaller transactions: of 11 tracked deals over $100 million in H1 2026, only one involved a private equity buyer.
- • Partial-stake acquisitions in the sector show a similar PE participation trend, according to Ankura.
Summary
Wealth and asset management M&A activity slowed slightly in the second quarter of 2026, according to Ankura's inaugural Wealth and Asset Management M&A Tracker, which covers U.S. and Canadian deals classified by announcement date. The tracker recorded 98 transactions in Q2 2026, down from 116 in Q1 2026 and 107 in Q2 2025. The quarter fell just below the 12-quarter trailing average of roughly 99 deals and marked the first quarter since Q3 2024 with fewer than 100 tracked deals. Despite the quarterly dip, first-half 2026 volume of 214 deals was essentially level with the 213 recorded in the first half of 2025 and well above the 188 in the first half of 2024. Figures reflect acquisitions of whole or majority stakes unless otherwise noted.
The most notable shift is the growing role of private equity. PE participation has risen steadily over the past three years, from 18.3% of transactions in Q3 2023 to 39.8% in Q2 2026, peaking at 43.2% in Q3 2025. In Q2 2026, 39 of the 98 tracked transactions involved a PE sponsor. However, that participation is concentrated in smaller deals. Of the 11 tracked transactions valued above $100 million in the first half of 2026, only one involved a private equity buyer, suggesting that sponsors are currently more active in the lower end of the market. Partial acquisitions follow a similar pattern, according to the tracker.
Taken together, the data points to a market where deal count is stable but its composition is changing. Private equity has become a significant participant in the sector, while larger transactions have remained largely with other buyers. Ankura's tracker is designed to identify emerging themes and the most active participants for advisors, platforms, and investors, and this edition establishes a baseline for measuring whether PE's move into smaller deals broadens into larger transactions in subsequent quarters.
The most notable shift is the growing role of private equity. PE participation has risen steadily over the past three years, from 18.3% of transactions in Q3 2023 to 39.8% in Q2 2026, peaking at 43.2% in Q3 2025. In Q2 2026, 39 of the 98 tracked transactions involved a PE sponsor. However, that participation is concentrated in smaller deals. Of the 11 tracked transactions valued above $100 million in the first half of 2026, only one involved a private equity buyer, suggesting that sponsors are currently more active in the lower end of the market. Partial acquisitions follow a similar pattern, according to the tracker.
Taken together, the data points to a market where deal count is stable but its composition is changing. Private equity has become a significant participant in the sector, while larger transactions have remained largely with other buyers. Ankura's tracker is designed to identify emerging themes and the most active participants for advisors, platforms, and investors, and this edition establishes a baseline for measuring whether PE's move into smaller deals broadens into larger transactions in subsequent quarters.
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