
Singapore’s investment banking fees rise 31.5% in 9M 2025
ECM underwriting fees and M&A advisory fees have more than doubled.
Singapore recorded an estimated $683m worth of investment banking fees in the first nine months of 2025, a 31.5% increase compared to the same period a year earlier, according to data from the London Stock Exchange Group (LSEG).
Equity capital markets (ECM) underwriting fees more than doubled from last year and reached a four-year high, totalling $140.1m.
Advisory fees earned from completed mergers & acquisitions (M&A) related transactions also doubled, rising 105.3% to $238.9m.
Debt capital market (DCM) fees grew 44.5% to $126.8m.
In contrast, syndicated lending fees fell by 29.3% to $177.2m in the first nine months of 2025.
Amongst financial institutions, Citi led Singapore’s investment banking fee league table, taking up 8.3% of the wallet share of $57m in fees during the first nine months of the year.
Morgan Stanely topped the M&A league table, with related transactions amounting to $4.4b or 8.2% of the market share.
DBS Group Holdings took the top position in the Singapore-domiciled equity, equity linked underwriting league table, and bonds underwriting league table. Singapore’s biggest bank by asset-size recorded $661.3m in equity-linked related proceeds, and $4.7b in bonds underwriting proceeds.