Second, Federated is unlikely to undertake a radical acquisition that might destroy shareholder value. A larger scale can give asset managers better operating efficiency and improved distribution, and that dynamic inspired a number of recent combinations of large fund groups. Among the most prominent deals have been BlackRock 's (NYSE:BLK) merger with Merrill Lynch 's (NYSE:MER) asset management unit and Legg Mason 's (NYSE:LM) acquisition of Citigroup 's (NYSE:C) investment adviser.