The value of client money that changed hands as a result of consolidation in Europe's asset management industry last year rocketed by 138% from 2008 levels despite the number of deals remaining flat, according to new research, as large fund houses joined forces in a bid to survive the financial crisis.

Assets under management that were transferred between consolidating European managers in 2008, totalled $632bn (€465bn). This was more than double the $265bn figure in the previous 12 months.