Morgan Stanley and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the technology, media and telecom (TMT) 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 its leading position in terms of value by advising on $152.5 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 66 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Morgan Stanley and Houlihan Lokey were the clear winners, outpacing their peers by a significant margin during Q1-Q3 2026 in terms of value and volume, respectively.

“Houlihan Lokey was the top adviser by volume during Q1-Q3 2025 and retained its leadership position by this metric during Q1-Q3 2026 as well, despite a year-on-year drop in the total number of deals advised by it. Notably, the majority of the top 10 advisers by volume experienced a drop in deal volume.

“Similarly, Morgan Stanley’s position in value ranking chart improved from second during Q1-Q3 2025 to the top spot, despite a decline in the total value of deals advised by it. Involvement in five mega deals valued more than $10 billion helped it secure the top spot during Q1-Q3 2026. These deals accounted for more than 70% of the total value of deals advised by it. Morgan Stanley also held the second position by volume, with 40 deals.”

Evercore occupied the third position in terms of volume with 39 deals, followed by JPMorgan with 39 deals, and Barclays with 28 deals.

Meanwhile, Goldman Sachs occupied the second position in terms of value, by advising on $101.6 billion worth of deals, followed by Evercore with $83.5 billion, JPMorgan with $59.9 billion, and Qatalyst Partners with $38.8 billion.