The rate shock of 2022 suppressed M&A deal volumes across the board. In the four years since, as higher rates have weakened full-service advantage, independent advisors* have outpaced their competitors. Independents generated USD 6.0bn in global M&A fees in 1H26. This marks a 28% increase on 1H22 levels, significantly exceeding the growth rate across all advisors (17%), according to data from Dealogic**.

This outperformance has been concentrated at the top. Evercore and Centerview have consolidated their leadership, retaining the top two positions for a seventh consecutive half since 1H23, supported by strong exposure to large-cap mandates. Crucially, this growth has been driven almost entirely by the Americas, where a rebound in mega-deal activity has reshaped both regional and sector dynamics.

• Evercore and Centerview have extended their lead, combining for USD 2.5bn in fees, up from 947m in 1H22.
• Lazard has slipped three places from its 1H22 peak, with fees declining 24% over the past four years.
• PJT Partners has climbed steadily, rising four places to overtake William Blair, Qatalyst, PWP, and LionTree since 1H22, supported by expansion in EMEA and increased exposure to large transactions.
• Moelis (#6) and William Blair (#8) have remained broadly stable over the past four years, with no ranking movement relative to 1H22.
• The lower end of the top 10 remains tightly grouped, with William Blair, Qatalyst, and Perella Weinberg separated by less than USD 20m in fees.

 Regional divergence: Americas driving growth

• Almost all net growth in independent advisor fees since 1H22 has come from the Americas, surging to USD 4.2bn, up more than USD 1.3bn since 1H22. EMEA (+1% vs 1H22) and APAC (-22% vs 1H22) are flat/down over the same period.
• The Americas’ acceleration is most visible from 2024 onward, coinciding directly with the boom in mega-deals. Fees for independents on deals valued over USD 5bn have grown 171% over the past two years.
• Rothschild held its place as the preeminent independent advisor in EMEA in 1H26, but competition is heating up. Evercore’s acquisition of London-based Robey Warshaw and PJT’s swoop for Dubai-based deNovo Partners have driven +4 and +7 place jumps, respectively, in the EMEA rankings since 1H22.
• Houlihan Lokey has held a position in the APAC top three in every period since 1H22. In a region characterized by low fees per deal, it should be no surprise the firm also tops the region in deal count, clocking 25 transactions in 1H26.

Sector concentration: Healthcare leads

• Fee generation remains concentrated in key sectors, with Healthcare (24%), Tech (19%), Industrials (13%), and FIG (11%) constituting the majority of independent advisor fees.
• Healthcare fees have soared 153% since 1H22 to USD 1.4bn, driven by large-cap activity. Centerview alone generated revenues of USD 780m, accounting for 55% of total independent Healthcare fees.
• Tech fees have moderated despite strong thematic interest in AI, with total revenues down 12% (USD 151m) relative to 1H22, reflecting reduced participation by independents on the sector’s largest transactions.
• Evercore has overtaken Qatalyst to lead in Tech for a second consecutive half, with a higher-volume model (36 deals, USD 243m) delivering more consistent fee generation versus a more concentrated, high-value approach (12 deals, USD 175m).
• Fees in FIG are up 47% since 1H22 to USD 656m, benefitting from a recent wave of US bank consolidation – both Evercore and PJT advised on the USD 36bn Capital One / Discover Financial mega-deal.

*Dealogic defines an independent advisor as: A firm whose principal source of revenue is M&A advisory, representing the majority of both revenue and deal activity over a sustained period, with no significant balance-sheet activities that could create conflicts of interest. The full screening criteria can be found in the Dealogic Independent Advisor Rankings, available for download below.

**Dealogic Revenue Data: Dealogic uses a proprietary revenue model to estimate investment banking fees across four key products: M&A, equity capital markets (ECM), bonds or debt capital markets (DCM), and loans. Revenues derived from any geography/sector indicate fees generated by fee-payers based in that geography/sector. M&A fees are calculated 10% upon announcement and 90% upon completion.