, APAC
Mike Hindle via Unsplash.

APAC investment banking fees up 4% to $18.6b in 9M 2025

ECM underwriting fees hit its highest nine-month period in 2 years.

Investment banking fees generated in Asia Pacific (APAC) in the first nine months of 2025 rose 4% to $18.6b in the first nine months of 2025, according to data gathered by the London Stock Exchange Group (LSEG).

APAC excluding Japan fees accounted for 19% of the total IB fees earned globally, behind the Americas (55%) and Europe (21%), respectively.

Equity capital market underwriting fees rose 48% to $3.7b, the highest January-September fee total since 2023.

Debt capital market fees grew 15% to $10.6b during the period, whilst syndicated lending fees inched up 3% to $1.8b.

The estimated advisory fees earned in APAC form completed mergers & acquisitions (M&A) transactions reached $2.5b, a 55% increase compared to the same period in 2024.

Amongst investment banks, CITIC took the top position for overall investment banking fees in APAC excluding Japan, with $1.06b of the wallet share or 5.7% of the total fees in the APAC investment banking fee pool.

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