Investment banking fees in the Asia-Pacific region excluding Japan declined 5% year-on-year to $5.3 billion in the first quarter of 2026, weighed down by weaker syndicated lending and M&A advisory activity, according to data from London Stock Exchange Group Deals Intelligence.
The region contributed 15% of total global fee pools during the period.
Syndicated lending fees fell sharply by 43% to $311 million, while advisory fees from completed mergers and acquisitions dropped 47% to $512 million.
Debt capital markets (DCM) fees also edged down 3% year-on-year to $3.2 billion.
In contrast, equity capital markets (ECM) provided some support, with fees surging 62% to $1.3 billion.
Among institutions, CITIC led the rankings for overall investment banking fees in the region, capturing a 6.4% share equivalent to $340.6 million. It also ranked as the top bookrunner for DCM deals year-to-date.
BofA Securities was the leading M&A financial adviser so far in 2026, while Morgan Stanley topped the ECM bookrunner league tables.
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