What does AM consolidation entail?

I saw that a larger Asset Manager announced that they were acquiring an alternatives investment manager in one of my newsletters today (https://www.valdostadailytimes.com/news/business/…).

My main questions are:

- How are Asset Management companies valued? I can imagine that there are many intangibles...

- How is AUM included and how much of a say do investors get?

- When firms consolidate, is there ever a clash with investing styles?

- How standard is Asset Management consolidation?

- What are the benefits in doing this?

Thanks in advance, everyone!

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What does AM consolidation entail?

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