Top M&A Advisers for Q1-Q3 2025: Goldman Sachs and Houlihan Lokey Lead

Goldman Sachs led in M&A deal value at $432.3bn, while Houlihan Lokey advised on the most deals at 240. JP Morgan and Goldman Sachs competed closely in deal value, with Morgan Stanley, Citi, and Bank of America following. The rankings are based on GlobalData's Financial Advisers League Table, which tracks thousands of company websites and advisory firm websites to gather deal information.

Goldman Sachs has secured the top spot as the leading financial adviser in mergers and acquisitions (M&A) based on deal value, while Houlihan Lokey has spearheaded the number of deals advised for the first three quarters of 2025, according to the latest Financial Advisers League Table by leading data and analytics company, GlobalData. The analysis of the Financial Deals Database indicated that Goldman Sachs advised on transactions totalling $432.3 billion. In the realm of deal volume, Houlihan Lokey topped by offering advisory services on 240 deals, according to a Yahoo Finance report.

GlobalData lead analyst Aurojyoti Bose commented, "Interestingly, both Goldman Sachs and Houlihan Lokey were also the top advisers by value and volume during Q1-Q3 2024. In fact, Houlihan Lokey outpaced its peers by a big margin in terms of volume as it was the only adviser with more than 200 deals during Q1-Q3 2025."

Meanwhile, JP Morgan and Goldman Sachs competed closely in deal value, with Morgan Stanley, Citi, and Bank of America following. JP Morgan advised on 79 billion-dollar deals worth around $411 billion, while Goldman Sachs advised on 84 billion-dollar deals worth around $419 billion. Morgan Stanley, Citi, and Bank of America advised on deals valued at $389 billion, $273.7 billion, and $256.5 billion, respectively. Volume-wise, JP Morgan also held a second spot, advising on 161 deals, closely followed by Goldman Sachs with 159. Rothschild & Co and Ernst & Young also featured, advising on 121 and 118 deals, respectively, the Yahoo Finance article noted.

The rankings are based on GlobalData's Financial Advisers League Table, which tracks thousands of company websites and advisory firm websites to gather deal information. This data provides valuable insights into the competitive landscape of the M&A advisory market, highlighting the strengths and performance of major financial institutions.