Morgan Stanley and Diligent Capital were the top mergers and acquisitions (M&A) financial advisers in the retail 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 $11.8 billion worth of deals. Meanwhile, Diligent Capital led in terms of volume by advising on a total of nine deals.     

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Despite registering a year-on-year decline in the total value of deals advised by it, Morgan Stanley emerged as the clear winner by value, outpacing its peers by a significant margin. It was the only adviser to surpass the $10 billion mark in total deal value during Q1-Q3 2026. Involvement in a deal valued at around $9 billion for Circle K Polska’s acquisition of Zabka Group was pivotal in placing Morgan Stanley much ahead in terms of value.

“Meanwhile, Diligent Capital occupied the top position by volume but faced close competition from Performance Brokerage Services.”

Evercore occupied the second position in terms of value, by advising on $3.3 billion worth of deals, followed by Wells Fargo with $3.2 billion, Daiwa Securities Group with $2.2 billion, and JPMorgan with $2 billion.

Meanwhile, Performance Brokerage Services occupied the second position in terms of volume with nine deals, followed by Clearwater with six deals, Morgan Stanley with five deals, and Rothschild & Co with five deals.