“Cash-strapped” EAMs seen courting buyers

External asset managers have proliferated in Asia in recent years, but the industry looks ripe for a shakeout, with several firms said to be seeking buyers. Private banks are seen as the most likely acquirers, raising concerns about what this will mean for EAMs’ clients. “Some EAMs are struggling to stay afloat, and several are keen to be acquired,” said Steven Seow, Asia head of wealth management consulting at Mercer. He declined to identify any of the companies in question. “S…