ANOTHER ONE: Victory Capital is acquiring First Eagle for $7b, both ETF issuers although they do much more- total aum will add up to 575b. I wouldn't call it M&A Fever yet but it's getting there. We knew there'd be mass consolidation in fund industry but thought it would take a bear market to really kick off. Prob these managers see writing on wall so are acting bf they have to. Smart.(Eric Balchunas)