Morgan Stanley and Houlihan Lokey topped the list of mergers and acquisitions (M&A) financial advisers by value and volume, respectively, in the technology, media, and telecom (TMT) sector in the first three quarters (Q1-Q3) of 2023, according to GlobalData’s latest league table.

GlobalData, a leading data and analytics company, ranks advisers based on the value and volume of M&A deals on which they advised.

As per its financial deals database, Morgan Stanley was at the top position in terms of value by advising on deals worth $94.7bn.

Houlihan Lokey was at the top of chart in terms of the number of transactions by advising on a total of 43 M&A deals.

GlobalData lead analyst Aurojyoti Bose said: “Most of the top ten 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.”

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GlobalData’s financial deals database further revealed that Goldman Sachs was ranked second in terms of deal of value, by advising on deals worth $79bn.

Goldman Sachs was followed by JP Morgan with $67bn, Qatalyst Partners with $58.1bn, and Moelis & Company with $36.8bn.

Based on volumes, Rothschild & Co stood at the second position with 39 deals, followed by KPMG with 31 deals, PwC with 30 deals, and JP Morgan with 26 deals.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers.