The industry isn’t easing into 2021. After a record year of mergers and acquisitions an estimated 181 in 2020, according to Echelon Partners along with continuing trends of breakaways to the independent space, it seems 2021 is simply picking up where last year left off.
During the first full week of the new year, firms announced major deals. On Monday,
SVB Financial Group revealed the same day that it planned to absorb Boston Private and it’s $16.3 billion in assets under management into its private banking and wealth management businesses. Despite receiving praises from many in the industry, it faces scrutiny from some of its shareholders.