Like a watched pot that never boils, hedge-fund consolidation has been a long time coming. But for anxious hedgies, the wait may soon be over.

A tide of recent deals has seen alternative managers, including US-listed GLG Partners and UK-listed Bluebay Asset Management, change hands for prices reminiscent of the industry's pre-Lehman heyday. Although mergers between hedge funds remain rare, banks are back in the market for acquisitions. More deals look likely.