M&A to Be 2026 Theme: State Street Investment Management

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00:00I do think M&A is back. We've had corporates sitting on huge amounts of cash on their balance

00:05sheet, waiting for the right time to put it to work. And it feels like now they're deciding to

00:10pull the trigger. So I do think that will be a theme for next year. Consolidation, the rewiring

00:16of the global trade order, I think that all comes together into spurring M&A to improve efficiency

00:21and kind of make sense of how the world is set up, you know, given all the policy moves we've

00:27seen over the last year. Yeah, I mean, that's interesting, isn't it? Because private equity,

00:30for a long time, we were thinking about how they weren't able to exit. And this was a bit of an

00:34issue for some of these private equity businesses. But they seem to have been doing just fine. Private

00:38equity, private credit, real boom times in those sectors, despite the fact that they couldn't

00:42exit. So now what happens with private markets, thinking sort of widely about the investable

00:47universe in 2026? Yeah, I think it just grows broader, because what we've seen is that, you

00:53know, long bonds don't do the job they used to in terms of diversifying equity risk. And

00:58so people are having to look much more broadly at different sorts of diversifiers. And private

01:01credit has certainly been one of them. And what we're seeing is there's a lot more interest

01:05now in secondaries. So it's not just about getting involved in the primary market, but

01:09looking at secondaries as well. And for secondaries, the great thing is that there's a lot more

01:13access, a lot more types of investors can get into them. You don't have to be a huge, you

01:18know, pension fund, which you do more with the primary side. So we think that there's

01:23still a lot more room, a lot more breadth in private markets. And we think that that flow

01:27will continue.