US Brokers and Asset Managers "M&A Mid-Year Review; Bonus ECM View Too" Brown

Research evidence excerpt

US Brokers and Asset Managers "M&A Mid-Year Review; Bonus ECM View Too" Brown

Global Research

11 June 2026ab

US Brokers and Asset Managers Equities

AmericasM&A Mid-Year Review; Bonus ECM View Too

Financial

Michael Brown

State of M&A: Activity Still Subdued vs History Analyst

In 1H26, announced M&A volumes are up 18% Y/Y, though trends remain bifurcated, mike.brown@ubs.com

with strategic activity rising 37% while sponsor activity is down 15%. Deal activity is +1-212-713 1387

once again driven by large transactions similar to '25. Even with the recent acceleration, Daniel Lehmann

M&A activity remains below historical norms relative to equity market capitalization, Associate Analyst

with announced volumes yet to fully track alongside stronger markets. While financing daniel-j.lehmann@ubs.com

conditions and CEO confidence have improved, boards remain selective, prioritizing +1-212-713 2391

strategic fit and balance sheet discipline. This report examines current activity levels Vijeth Mudalegundi

across all major deal types—strategic, sponsor, cross-border, and sector-specific—to Analyst

frame where normalization is (and isn’t) occurring. vijeth.mudalegundi@ubs.com

+1-212-649 8172

Key Observations Mary Mahrer

Large strategic transactions continue to dominate aggregate deal value. However, Analyst

software M&A remains below trend, lagging broader activity, while cross-border mary.mahrer@ubs.com

+1-212-713 9014

dealmaking has proven more resilient. The current mix underscores a bifurcated market

—strength in select verticals and geographies offset by continued hesitancy in higher- Cory Johnson

multiple segments and sponsor-driven activity. Associate Analyst

cory.johnson@ubs.com

+1-212-882 0078

Strategic Deals: Big Deals Continue to Dominate