A record number of independent adviser firms were sold or merged with other firms last year as the financial markets recovered, according to data released by Charles Schwab Corp (SCHW.N) on Wednesday. Last year, 109 deals representing $156 billion in assets under management were completed, the largest numbers since Schwab started collecting the industrywide data in 2003. During the difficult markets of 2009, only 70 deals were completed with $103 billion in assets. "We saw a significant uptick in M&A deal activity among RIAs (registered investment adviser firms) in 2010, largely due to advisers putting these discussions back on the front burner after spending the bulk of 2009 helping clients navigate the volatile markets," said David DeVoe, managing director of strategic business development at Schwab Advisor Services.
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