Any experience w/ LBO or M&A of a Traditional Asset Manager by a PE Firm?

Hi all, I couldn't find much relevant materials on-line so I thought I'd post here.

I'm in IB and a PE client is interested in (preliminary) discussions regarding a potential acquisition of a traditional asset manager (mainly equities and some fixed income). No talks regarding structure (i.e. strategic or LBO) has been discussed yet but I was just curious if anybody has worked on either a LBO or PE/AM acquisition of a traditional asset manager before.

I know the financial services-focused PE funds do LBO's of asset managers and I can see the appeal in companies with stable management fees, investor networks, low debt levels, etc.

On the other hand, if a PE firm were to acquire a traditional AM company, I was wondering what type of benefits/synergies would be realized, especially if the traditional asset manager is stronger in selling investment products to retail investors. Aside from having a complementary source of income, I'd imagine it would be more complicated since the traditional AM's are more regulated and "cross-selling" each other's investment products would be seemingly limited, especially if the asset manager is more focused on retail.

Anyway, it'd much appreciated if you can share your thoughts/insights or experience, via this thread or PM. Thanks in advance!