  Recent observations of UV-/optically selected, massive star forming galaxies
at z~2 indicate that the baryonic mass assembly and star formation history is
dominated by continuous rapid accretion of gas and internal secular evolution,
rather than by major mergers. We use the Millennium Simulation to build new
halo merger trees, and extract halo merger fractions and mass accretion rates.
We find that even for halos not undergoing major mergers the mass accretion
rates are plausibly sufficient to account for the high star formation rates
observed in z~2 disks. On the other hand, the fraction of major mergers in the
Millennium Simulation is sufficient to account for the number counts of
submillimeter galaxies (SMGs), in support of observational evidence that these
are major mergers. When following the fate of these two populations in the
Millennium Simulation to z=0, we find that subsequent mergers are not frequent
enough to convert all z~2 turbulent disks into elliptical galaxies at z=0.
Similarly, mergers cannot transform the compact SMGs/red sequence galaxies at
z~2 into observed massive cluster ellipticals at z=0. We argue therefore, that
secular and internal evolution must play an important role in the evolution of
a significant fraction of z~2 UV-/optically and submillimeter selected galaxy
populations.
