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 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that Morgan Stanley achieved the leading position in terms of value by advising on $51.5 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 33 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Morgan Stanley was the top adviser by value during Q1-Q3 2024 as well. It was the only adviser to surpass $50 billion-mark in total deal value during Q1-Q3 2025, despite registering a year-on-year drop. During Q1-Q3 2025, the multinational investment bank advised on eight billion-dollar deals* that also included a mega deal valued more than $20 billion. The involvement in these big-ticket deals helped Morgan Stanley secure the top spot by value.

“Meanwhile, Houlihan Lokey registered significant improvement in the total number of deals advised by it during Q1-Q3 2025 compared to Q1-Q3 2024 and resultantly, its ranking by value also jumped from the 10th position to the top position.”

Evercore occupied the second position in terms of value, by advising on $46 billion worth of deals, followed by JP Morgan with $43.7 billion, UBS with $39.1 billion and Goldman Sachs with $38 billion.

Meanwhile, Stifel/KBW occupied the second position in terms of volume with 32 deals, followed by Piper Sandler with 31 deals, Goldman Sachs with 24 deals and JP Morgan with 20 deals.

*Value ≥ $1 billion