Agency and brokerage mergers & acquisitions have been on a steady upward climb since 2000, except for a blip in 2009 and 2010 due to the collapse of the economy. Those 2 down years were followed by a near blockbuster year in 2011, and the most active year since 2000 with 291 announced transactions in 2012 (see Figure 1).

A number of factors influenced the historical trend, some of which will influence M&A activity in the future.

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