28 Jul 2020
Posted in Banking
Morgan Stanley and JP Morgan were top financial advisers by value and volume in global financial services sector in H1 2020
Morgan Stanley and JP Morgan were the top mergers and acquisitions (M&A) financial advisers in the global financial services sector in the first half (H1) of 2020 based on deal value and volume, respectively. Morgan Stanley advised on 16 deals worth US$67bn, which was the highest among all advisers, while JP Morgan led in volume terms having advised on 20 deals worth US$31.6bn, according to GlobalData, a leading data and analytics company.
Aurojyoti Bose, Financial Deals Analyst at GlobalData, comments: “Competition was fierce among Morgan Stanley, Goldman Sachs, Bank of America, JP Morgan and Rothschild & Co for the top position, as these were the only five advisers with double-digit deal volume and deal value over US$10bn.
“Interestingly, Morgan Stanley and JP Morgan both advised on some of the same big-ticket deals such as the acquisition of E*TRADE Financial by Morgan Stanley for US$13bn and Franklin Resources’ acquisition of Legg Mason for US$6.5bn. However, Morgan Stanley’s involvement in the US$33.4bn Aon-Willis Towers Watson merger deal helped the firm secure the top spot by value.”
Goldman Sachs occupied the second position by value with 13 deals worth US$65.1bn, followed by Bank of America with 15 deals worth US$52.2bn. Morgan Stanley occupied second position by volume, followed by Bank of America.
The number of deals announced in the global financial services sector decreased by 10.4% from 2,227 in H1 2019 to 1,996 in H1 2020, according to GlobalData’s Financial Deals Database. Deal value also decreased by 10.5% from US$206.1bn in H1 2019 to US$184.5bn in H1 2020. The subdued deal activity could be attributed to volatile market conditions due to the COVID-19 outbreak.
Morgan Stanley, which topped the financial services sector deals league table by value, stood at third position (by value) in GlobalData’s recently released global league table of top 20 M&A financial advisers. Similarly, JP Morgan, which topped the financial services sector league table by volume, occupied fourth position (by volume) in the global league table.