Morgan Stanley and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the consumer 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 its leading position in terms of value by advising on $30.6 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 22 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Houlihan Lokey was the top adviser by volume during Q1-Q3 2024 and managed to retain its leadership position by this metric during Q1-Q3 2025, despite registering a year-on-year drop in the total number of deals advised by it.

“Meanwhile, Morgan Stanley registered a massive jump in the total value of deals advised by it during Q1-Q3 2025 compared to Q1-Q3 2024. Involvement in around $20 billion deal for the acquisition of JDE Peet’s by Keurig Dr Pepper was pivotal for placing Morgan Stanley in the top spot by value during the review period.”

Bank of America occupied the second position in terms of value, by advising on $28.5 billion worth of deals, followed by Lazard with $27.8 billion, JP Morgan with $11.1 billion, and Goldman Sachs with $10.8 billion.

Meanwhile, Spayne Lindsay & Co occupied the second position in terms of volume with 16 deals, followed by Rothschild & Co with 14 deals, Deloitte with 13 deals, and Bank of America with 12 deals.