Sales of asset management businesses rose sharply last year by deal value and total assets changing hands, with the disclosed value of deals more than doubling to $17.5bn (€14.8bn) from $8.2bn the year before.

According to a report by Putnam Lovell Securities, the New York-based investment banking firm, the amount of acquired assets under management jumped to $1.1 trillion from $729bn, the highest level in five years.