Houlihan Lokey and JPMorgan Chase & Co. have been perennial top financial advisers for M&A work. This accomplishment solidifies their victory for 2025 in North America. According to GlobalData’s latest regional league tables, Houlihan Lokey secured the first position by transaction volume, advising on an impressive 210 deals throughout the year. JPMorgan led the way in deal value, advising on transactions totaling more than $90 billion. They took the number one position by being at the head of 17 mega deals worth more than $10 billion each.
This landmark accomplishment extends the already stellar track record of Houlihan Lokey. In 2024, the firm earned first place overall by number of advisers. Through creative design and efficient delivery, the two firms set themselves apart from their rivals, seeing tremendous success in a hyper-competitive environment.
Houlihan Lokey’s Dominance
Trendsetter Houlihan Lokey, with an astounding 210 completed composite deals, continues to lead the pack in M&A advisory. This track record is a testament to the firm’s prowess in tackling high-stakes, multifaceted transactions. By 2025, the firm had closed their 168th transaction, further solidifying their reputation as one of the premier power players in the industry.
The strategic approach of that firm is what powers that firm’s success over time. Its client-centric services and strategic advisory position them well for a strong foundation in the constantly changing M&A landscape.
“Houlihan Lokey and JPMorgan were the clear winners, having outpaced their peers by a significant margin in terms of volume and value in 2025. Houlihan Lokey was also the top adviser by volume in 2024.” – Aurojyoti Bose
JPMorgan led stunning growth in 2025, moving up its place from the #2 spot on deal value in 2024. The bank’s active role as a principal in these high-value transactions catapulted its total advised deal value to a nearly more than double-fold increase. That was more than double its previous record of advising on 38 billion-dollar deals this year, which skyrocketed its ranking.
JPMorgan’s Strong Performance
In 2025, JPMorgan closed 168 deals, ranking second for the year by volume. This dual strength in both deal value and volume demonstrates the firm’s comprehensive capabilities within the M&A market, appealing to companies seeking strategic partnerships and acquisitions.
Industry experts agree that Houlihan Lokey’s lead over JPMorgan and the rest of their closest competitors is huge and explains the massive difference. According to Aurojyoti Bose, Research Director at GlobalData, both firms have been extremely successful at leveraging emerging market opportunities.
Insights from Market Analysts
Bose stated, “During 2025, JPMorgan advised on 90 billion-dollar deals that included 17 mega deals valued more than $10bn. It held the second position by volume in 2025 with 168 deals.”
GlobalData’s recent report on global municipal markets shows their role is central. They are continuing to help shape the future of M&A activities in North America.
The data from GlobalData underscores the importance of these two firms as they continue to shape the future of M&A activities in North America.