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 2023 by value and volume, respectively, according to the latest financial advisers league Table by GlobalData, which ranks financial advisers by the value and volume of M&A deals on which they advised.

Based on its Financial Deals Database, the leading data and analytics company has revealed that Morgan Stanley achieved the leading position in terms of value by advising on $94.7 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 43 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Most of the top 10 advisers by value witnessed a decline in the total value of deals advised by them during Q1-Q3 2023 compared to Q1-Q3 2022. Morgan Stanley also witnessed a decline in terms of value, but the decline was relatively lesser compared to its peers such as Goldman Sachs and JP Morgan. Resultantly, Morgan Stanley’s ranking by value jumped from third position in Q1-Q3 2022 to the top spot in Q1-Q3 2023.

“Meanwhile, Houlihan Lokey, which was the top adviser by volume in Q1-Q3 2022,   managed to retain its leadership by this metric in Q1-Q3 2023 as well.”

An analysis of GlobalData’s Financial Deals Database reveals that Goldman Sachs occupied the second position in terms of value, by advising on $79 billion worth of deals, followed by JP Morgan with $67 billion, Qatalyst Partners with $58.1 billion, and Moelis & Company with $36.8 billion.

Meanwhile, Rothschild & Co occupied the second position in terms of volume with 39 deals, followed by KPMG with 31 deals, PwC with 30 deals, and JP Morgan with 26 deals.