Registered investment advisers' M&A volume is lowest in 5 years

In this year's first half, mergers and acquisitions involving registered investment advisers in the U.S. declined to the lowest level in five years, according to a survey by Schwab Advisor Services. Assets under management in the 18 deals closed in this year's first half totaled $15.4 billion, compared with $36 billion in 25 mergers and acquisitions completed in the comparable period a year ago.

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