The number of mergers and acquisitions involving asset managers surged 50% to a record 89 for the first six months of 2006, according Putnam Lovell NBF Securities. The survey noted that the assets involved jumped from $737 billion a year ago to more than $990 billion this year, suggesting that 2006 could break the old record, set in 2000, when buyers plunked down $30 billion to gain control of $1.4 trillion in assets. As of June 30, buyers spent $13.5 trillion. Hedge funds appear to be driving the demand, according to the study, as their growth “has boosted buyer interest in financial technology that improves administration and execution efficiency for alternative asset managers, with recent deals emphasizing electronic foreign-exchange trading as well as back office operation.”