Nick Chan's Appointment as Head of M&A at Equitable Holdings: Strategic Implications for Growth and Shareholder Value

The financial services sector is undergoing a pivotal phase of consolidation, driven by regulatory shifts, the pursuit of operational scale, and the need for technological agility. Against this backdrop, Equitable Holdings' appointment of Nick Chan as Head of M&A in October 2025 marks a strategic pivot toward disciplined, value-driven transactions. Chan's extensive background in M&A, capital markets, and strategic finance positions him to navigate the sector's evolving dynamics while aligning with Equitable's long-term growth objectives.

A Proven Track Record in Value-Creation

Nick Chan's career underscores a consistent focus on unlocking value through strategic transactions. At Equitable, he played a central role in the Individual Life reinsurance deal with RGA, a transaction that unlocked over $2 billion in value for the company, according to a Morningstar release. This achievement highlights his ability to identify and execute high-impact opportunities-a skill honed during his tenure at Oliver Wyman, where he advised global insurers on M&A and finance strategies. Prior to joining Equitable in 2021, Chan's work at Ernst & Young in M&A advisory services for mid-market private companies further solidified his expertise in valuation and transaction execution; the Morningstar release provides additional background on his career path.

Chan's recent role at BMO Capital Markets as Managing Director and Head of Financial Resource Management added another layer to his strategic toolkit. There, he oversaw critical capital markets functions, including repo trading and balance sheet optimization, while contributing to the development of industry benchmarks like the Enhanced CORRA rate, as noted in his BMO profile. This experience in capital allocation and liquidity management is critical for Equitable as it seeks to balance aggressive M&A pursuits with financial prudence.

Strategic M&A in a Resurgent Sector

The financial services sector has seen a resurgence in M&A activity in 2024, with deal values surging 22% quarter-over-quarter in Q2 2025, according to a Bain report. This momentum is fueled by banks and insurers seeking to consolidate operations, reduce costs, and expand technological capabilities. For example, the $35 billion merger of Capital One and Discover in the U.S. and BBVA's acquisition of Sabadell in Europe underscore the sector's focus on scale and profitability. Meanwhile, insurers are divesting underperforming lines of business to sharpen their competitive edges-a trend that aligns with Equitable's recent reinsurance-driven value unlock, as described in the Morningstar release.

Chan's appointment signals Equitable's intent to capitalize on these trends. His mandate-to pursue "accretive opportunities" aligned with strategic growth-echoes broader industry priorities. The Bain report notes that successful M&A in financial services hinges on three pillars: aligning deals with long-term goals, conducting rigorous due diligence, and prioritizing integration planning. Chan's experience at Oliver Wyman and Equitable suggests he is well-versed in these principles, particularly in the insurance segment, where integration complexity is often higher.

Implications for Equitable and the Sector

Equitable's $1 trillion in assets under management positions it as a key player in the sector's consolidation wave. Under Chan's leadership, the company is likely to pursue transactions that enhance its competitive positioning in life insurance, wealth management, and asset servicing. His emphasis on disciplined execution-evidenced by the RGA deal-suggests a focus on quality over quantity, a critical differentiator in a market where overpaying for assets has derailed many deals in recent years, as the Bain report highlights.

For shareholders, this approach could translate into sustained value creation. The RGA transaction, for instance, not only unlocked $2 billion in value but also streamlined Equitable's balance sheet, freeing capital for reinvestment. If Chan replicates this success in future deals, Equitable could outperform peers in earnings per share growth and return on equity.

Conclusion

Nick Chan's appointment as Head of M&A at Equitable Holdings reflects a strategic alignment with the financial services sector's consolidation trajectory. His blend of transactional expertise, capital markets acumen, and industry leadership positions him to drive disciplined, value-creating deals. As the sector continues to prioritize scale, efficiency, and technological integration, Equitable's ability to execute under Chan's guidance will be a key determinant of its long-term success-and a bellwether for the broader industry's M&A momentum.