The financial advisory landscape for mergers and acquisitions (M&A) saw distinct leaders emerge during the first three quarters of 2026, with Goldman Sachs commanding the highest deal value and Houlihan Lokey securing the most transactions, according to the latest Financial Advisers League Table compiled by GlobalData. This analysis, drawing on data from GlobalData’s Financial Deals Database, provides a comprehensive overview of the advisory firms that shaped the M&A market during this pivotal period.
Goldman Sachs Ascends to Top Spot by Deal Value
Goldman Sachs advised on M&A transactions with an astounding combined value of $687.6 billion in the first three quarters of 2026. This significant figure propelled the investment banking giant to the premier position in terms of deal value, a notable improvement from its second-place ranking in the preceding year. The firm’s success is attributed to its involvement in a series of high-profile, large-scale transactions, often referred to as "big-ticket" deals.
Aurojyoti Bose, lead analyst at GlobalData, highlighted the substantial year-on-year (YoY) increase in the total value of deals advised by Goldman Sachs, reporting a 52.3% surge. This growth was fueled by its strategic advisory role in 81 billion-dollar deals, which included a remarkable 22 mega-deals exceeding $10 billion in value. This concentration of high-value transactions underscores Goldman Sachs’ expertise in navigating complex and significant corporate restructurings and acquisitions.
Houlihan Lokey Leads by Deal Volume
In contrast to Goldman Sachs’ focus on value, Houlihan Lokey emerged as the leader in M&A deal volume, advising on an impressive 250 transactions during the same Q1-Q3 2026 period. This marks a consistent performance for Houlihan Lokey, which also held the top position in deal volume for the entirety of 2025. The firm’s ability to manage a high throughput of deals, irrespective of their individual valuations, signifies a strong operational capacity and a broad client base seeking advisory services across a wider spectrum of M&A activity.
Houlihan Lokey was one of only two advisory firms to surpass the 200-deal threshold in the first three quarters of 2026, underscoring its extensive reach and the demand for its services across numerous smaller and mid-market transactions. This dual leadership, with one firm excelling in value and another in volume, paints a nuanced picture of the M&A advisory market, where different strategies and specializations lead to market dominance.
Key Players in the M&A Advisory Arena
The GlobalData Financial Advisers League Table reveals a competitive field of prominent financial institutions. Following Goldman Sachs in deal value, Morgan Stanley secured the second position with 212 deals valued at $659.9 billion. This strong performance places Morgan Stanley as a consistent contender in the top tier of M&A advisory.
JPMorgan Chase followed in third place, advising on 165 deals totaling $492.5 billion. Its significant deal value further solidifies its position as a major player in the M&A market.
In terms of deal value, Bank of America ranked fourth, advising on transactions worth $315.1 billion. Evercore closely followed, with deals valued at $278.7 billion, demonstrating its significant contributions to the M&A landscape.
When considering deal volume, Goldman Sachs, despite its leading position in value, ranked fourth with 154 advised deals. This contrasts with its overall value dominance and highlights its strategic focus on larger transactions. Evercore secured the fifth position in volume, having advised on 133 deals.
Analysis of Market Trends and Drivers
The performance of these leading advisory firms provides insights into the prevailing M&A market trends in the first three quarters of 2026. Goldman Sachs’ surge in deal value suggests a market characterized by a number of significant, transformative acquisitions and mergers. These large-scale transactions often involve complex valuations, intricate negotiations, and substantial financing, areas where investment banks like Goldman Sachs typically excel. The involvement of 22 mega-deals, each exceeding $10 billion, indicates a robust appetite for large-scale corporate consolidation, potentially driven by strategic imperatives such as market expansion, technological advancement, or the pursuit of economies of scale.
Conversely, Houlihan Lokey’s consistent leadership in deal volume points to a thriving ecosystem of smaller and mid-market M&A activities. This segment of the market often involves a higher number of transactions, which may be driven by factors such as private equity exits, strategic bolt-on acquisitions by larger corporations, or the growth and expansion of privately held companies. The ability to manage a high volume of deals implies a strong advisory network, efficient deal processing capabilities, and a deep understanding of the needs of a diverse client base.
The distinction between value and volume leaders can also reflect differing advisory strategies. Firms that focus on mega-deals may prioritize fewer, but more impactful, transactions that require extensive resources and specialized expertise. On the other hand, firms excelling in volume might adopt a more scalable approach, catering to a broader range of clients and deal sizes, thereby maximizing their overall market presence.
GlobalData’s Data Methodology
GlobalData’s Financial Advisers League Tables are meticulously constructed based on real-time tracking of a vast array of sources. This includes information gleaned from thousands of company websites, advisory firm websites, and other reliable secondary domain sources. A dedicated team of analysts meticulously monitors these sources to gather comprehensive details for each deal, with a particular focus on identifying the names of the advising firms.
To further enhance the robustness and accuracy of its data, GlobalData also actively solicits deal submissions from leading advisory firms. This dual approach, combining independent tracking with direct input from industry players, ensures a high degree of data integrity and comprehensiveness, making the league tables a valuable resource for understanding market dynamics and performance.
Broader Implications for the M&A Ecosystem
The performance of Goldman Sachs and Houlihan Lokey, alongside other prominent players like Morgan Stanley and JPMorgan, highlights the critical role of financial advisers in facilitating corporate growth and strategic realignments. Their expertise in valuation, negotiation, due diligence, and deal structuring is instrumental in enabling companies to achieve their M&A objectives.
The trend towards significant large-value deals, as evidenced by Goldman Sachs’ performance, suggests a period of strategic consolidation and potential industry reshaping. This can lead to increased competition, altered market dynamics, and new opportunities for innovation and growth for the involved entities.
Simultaneously, the high volume of deals managed by Houlihan Lokey underscores the continued dynamism of the mid-market and smaller M&A segments. This activity is crucial for fostering entrepreneurship, facilitating capital deployment by private equity, and enabling a wide range of businesses to achieve their growth aspirations through strategic transactions.
The ongoing competition and varied strengths among top-tier advisory firms indicate a sophisticated and robust M&A ecosystem. The ability of firms to specialize and excel in different aspects of M&A – be it deal value or volume – provides a comprehensive suite of services to meet the diverse needs of the global corporate landscape. As the market continues to evolve, the strategies and successes of these leading advisers will undoubtedly shape the future trajectory of corporate finance and strategic transactions. The data from GlobalData’s league tables provides a vital benchmark for assessing performance and understanding the prevailing forces within the M&A advisory sector.
