As asset managers consolidate, who wins and loses in securities lending? (Premium)

Morgan Stanley is buying Eaton Vance. Nelson Peltz’s Trian has taken a 10% stake in Invesco and Janus Henderson and is encouraging both firms to look at merger options. The pace of asset management consolidation is continuing fast. For securities lending, in particular agent lenders, we look at the data to see what these changes mean for their businesses.
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