GlobalData announces top M&A financial and legal advisers in financial services sector during Q1-Q3 2026

GlobalData has announced the latest Financial and Legal Adviser League Tables, which rank advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in financial services sector during Q1-Q3 2026.  

Morgan Stanley and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during the first three quarters (Q1-Q3) of 2026 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Deals Database reveals that Morgan Stanley achieved the leading position in terms of value by advising on $67.4 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 38 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The total number of deals advised by Houlihan Lokey remained almost at the same level during Q1-Q3 2026 compared to Q1-Q3 2025 and its ranking by volume was also unchanged.

“Meanwhile, Morgan Stanley saw a decline in the total value of deals advised by it but managed to retain its leadership position by value from Q1-Q3 2025. Nearly half of the deals advised by the firm during Q1-Q3 2026 were billion-dollar deals*, including three mega deals valued more than $10 billion as well. Involvement in these big-ticket deals helped it secure the top spot by value. Morgan Stanley also held the sixth position by volume.”

UBS occupied the second position in terms of value, by advising on $62.3 billion worth of deals, followed by Barclays with $54.5 billion, Goldman Sachs with $52.8 billion, and JPMorgan with $38.6 billion.

Meanwhile, Piper Sandler occupied the second position in terms of volume with 35 deals, followed by Stifel/KBW with 35 deals, Goldman Sachs with 25 deals, and Barclays with 22 deals.

*Deals valued more than or equal to $1 billion

Sullivan & Cromwell and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during the first three quarters (Q1-Q3) of 2026 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Deals Database reveals that Sullivan & Cromwell achieved the leading position in terms of value by advising on $38.9 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 32 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Coincidentally, both Sullivan & Cromwell and Kirkland & Ellis share a common pattern of shift in their positions in value and volume rankings, respectively.

“Kirkland & Ellis saw an improvement in its ranking by volume from second position during Q1-Q3 2025 to the top position during Q1-Q3 2026, even though there was a year-on-year fall in the number of deals advised by it. The decline was the smallest among all the advisers in the top 10 by volume that saw a decrease.

“Similarly, several advisers among the top 10 by value also registered a year-on-year decline. In fact, Sullivan & Cromwell also witnessed a decline in the total value of deals advised by it. However, its ranking by value improved from second to the top position.”

Skadden, Arps, Slate, Meagher & Flom occupied the second position in terms of value, by advising on $37.4 billion worth of deals, followed by Simpson Thacher & Bartlett with $37.4 billion, Ropes & Gray with $33.1 billion, and A&O Shearman with $30.8 billion.

Meanwhile, Simpson Thacher & Bartlett occupied the second position in terms of volume with 29 deals, followed by Latham & Watkins with 27 deals, Alston & Bird with 27 deals, and Skadden, Arps, Slate, Meagher & Flom with 26 deals.