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