Over the course of the last few months—actually one could say the last few years—we witnessed a number of mergers and acquisitions in the asset management industry, which are somewhat reshaping the landscape of the global asset management industry. As these activities are happening in all parts of the asset management value chain, I view these corporate transactions rather as clear signs of a matured industry, and not a general consolidation. That said, some of the takeovers are leading to consolidation within their sectors since the number of competitors within these sectors will shrink after the transaction and/or the dominance