In the early stages of the COVID-19 crisis, the ripple effects of the pandemic and the ensuing economic turmoil have combined to chill the M&A market across most industries. The asset management sector has been no different. However, some of the pre-pandemic dynamics in this sector suggest that we may see asset manager deal activity recover sooner than M&A in other industries. In this environment, it will be important for parties and their financing sources and advisors to approach deals with a well-developed toolkit for addressing the challenges that will inevitably arise. In this Legal Update, we consider what may lie ahead for asset management M&A and discuss key considerations for deal structuring, addressing regulatory issues, retaining key personnel, and getting to closing and beyond.