Morgan Stanley Leads M&A Advisory on Deal Value
Financial services firms choosing M&A advisers should weigh deal value against deal volume, since the top-ranked firms differ by measure.
Updated on Nov. 3, 2026 in Financial Services
Morgan Stanley and Houlihan Lokey ranked as the leading M&A financial advisers in financial services for Q1-Q3 2026, with Morgan Stanley leading by value at $67.4bn and Houlihan Lokey leading by volume with 38 advised deals. The rankings are relevant to firms competing for advisory mandates in the financial services sector.
Why it matters
The rankings show a split between firms that win the largest transactions by value and firms that win the most deals by count, a distinction that shapes how financial services companies select advisers. Morgan Stanley's total advised value declined compared with Q1-Q3 2025, indicating that leadership positions in this league table can shift from period to period.
The league table is based on GlobalData tracking of financial services M&A advisory mandates for Q1-Q3 2026. Morgan Stanley advised on $67.4bn in deal value and three mega deals above $10bn, while Piper Sandler and Stifel/KBW each advised on 35 deals and Goldman Sachs on 25.
The players
Morgan Stanley
A global investment bank with a large advisory franchise, which led the financial services M&A league table by value in Q1-Q3 2026.
Houlihan Lokey
A middle-market-focused investment bank known for high deal counts, which led the financial services M&A league table by volume in Q1-Q3 2026.
UBS
A global wealth management and investment bank that ranked second by value in the financial services M&A league table.
Barclays
A multinational British universal bank with an investment banking division that ranked third by value in the financial services M&A league table.
Goldman Sachs
A global investment bank and advisory firm that ranked fourth by value in the financial services M&A league table.
The details
The rankings are compiled from real-time tracking of thousands of company websites, advisory firm websites, and other reliable sources. A dedicated analyst team monitors these sources to record details for each deal, including the names of the advisers involved. Because ranking by value and ranking by volume favor different kinds of firms, a single league table can produce different leaders depending on the metric used.
Timeline
Q1-Q3 2026: period covered by the current league table rankings.
Q1-Q3 2025: prior-year comparison period for Morgan Stanley and Houlihan Lokey.
Market Landscape
League tables published by GlobalData rank advisers by both deal value and deal count, and the two measures often identify different leaders. The current results follow that pattern, with Morgan Stanley ahead on value and Houlihan Lokey ahead on volume.
Financial services firms selecting an M&A adviser should weigh whether they need a firm strong on large-value transactions or one with high deal throughput, since the league table leaders differ by metric. Companies reviewing advisory relationships can use these rankings as one input alongside their own deal size and sector needs.
The takeaway
The main operating insight is that adviser rankings depend on whether value or volume is measured, so a firm's choice of adviser should match its own deal profile. Track the next GlobalData league table update to see whether Morgan Stanley's value position holds against its Q1-Q3 2025 baseline.
Further reading
For more on how advisory firms compete for deal mandates, see the Financial Services section.
Source note: This article includes information reported by Private Banker International.
