PwC recently issued a white paper on asset manager merger and acquisition activity. The paper enumerates various factors that affect M&A activity; examines the types of acquisitions and investments asset managers are seeking; provides an overview of recent M&A and IPO activity; and discusses asset manager valuations and accounting rule changes that may affect certain elements of asset manager M&A transactions. This article summarizes the key takeaways from the PwC paper. For coverage of PwC’s 2012 study on this topic, see “PricewaterhouseCoopers Study Describes Recent Trends in and Outlook for Asset Manager Mergers and Acquisitions,” Hedge Fund Law Report, Vol. 5, No. 11 (Mar. 16, 2012). See also “Experts Offer Advice on Initiating and Structuring M&A Transactions in the Asset Management Industry (Part One of Two),” Hedge Fund Law Report, Vol. 8, No. 18 (May 7, 2015).