Industry lore insists asset managers must reach $1 trillion in assets under management to stay relevant, prompting a wave of deals. The recent sale of Schroders to US peer Nuveen was cited as proof that firms below the threshold must merge or be acquired. Critics argue the metric fuels short‑term earnings pressure rather than genuine value creation.

Past consolidations such as the 2017 Standard Life‑Aberdeen merger and the 2016 Henderson‑Janus tie‑up were justified on scale grounds. Yet academic studies repeatedly find post‑