Jefferies Putnam Lovell expects 2009 to signal the return of "sizeable" mergers and acquisitions in the global asset management industry.

The investment firm stated that such transactions were "largely absent" last year.

However due to anticipated selling of investment divisions by insurers and commercial banks, opportunistic buying by those looking to take advantage of the credit crunch and other consolidation efforts, the coming year could lead to an improvement in the number of asset management transactions.

"The most active buyers over the past decade, namely commercial and investment banks and insurance companies, are now becoming sellers of, or seeking strategic partnerships for, their asset management businesses," said Aaron Dorr, Jeffries Putnam Lovell's New York-based managing director.

According to figures compiled by the investment firm, while the global asset management industry experienced its second-busiest year on record in terms of the number of transactions, disclosed deal value in 2008 fell "dramatically".

While three deals in 2008 exceeded $1 billion (£690 million) in purchase price value, 2007 saw 15 transactions over this value.

Jeffries Putnam Lovell was founded in 1987 and currently has US offices in San Francisco and New York. It also has an office in London.