U.S. financial services M&A activity in the second quarter rose by deal count but fell sharply by deal value on a year-over-year basis.

According to S&P Global Market Intelligence data, there were 86 whole-company and minority stake deals announced in the second quarter with an aggregate deal value of $3.07 billion, compared to 77 deals worth $7.33 billion in the year-ago quarter. The first quarter saw 107 deals worth $5.47 billion.

There were 35 asset deals announced in the second quarter, compared to 44 deals in the first quarter and 34 deals in the year-ago quarter. Total asset deal value rose quarter over quarter to $1.71 billion from $779.5 million but fell year over year from $2.43 billion.

Reverence Capital Partners LP's pending acquisition of a 75% stake in Advisor Group Inc. for $2.00 billion was the largest transaction announced during the quarter, followed by Goldman Sachs Group Inc.'s purchase of United Capital Financial Advisers LLC from United Capital Financial Partners Inc. for $750.0 million.

Among asset deals, Principal Financial Services Inc.'s purchase of Wells Fargo & Co.'s institutional retirement and trust business was the largest deal, carrying a value of $1.35 billion.