Banks are usually seen as natural buyers of asset management companies. But their need to raise cash has seen a number emerge as sellers in 2009, with several shedding their asset management units at bargain prices.

Asset management mergers rebounded in 2009, but mainly due to one standout deal. There were 72 investment management transactions as of October 19, valued at $17.92bn. (£10.82bn, €12.09bn) This compares with 107 deals for the same period in 2008, totalling $6.83bn, according to data from Dealogic.