UBS: US Brokers & Asset Managers: A Plus: Focus on Investment Banking Activity
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In a note dated 18 September 2026, UBS delivers a positive read on US brokers and asset managers through the lens of investment banking activity. The exhibit package opens with an advisory dashboard summarising key trends — quarter-to-date completed deals, the backlog and the current picture — before mapping expected deal closings quarter by quarter and tracking the volume of transactions sitting in the backlog. Three panels examine the velocity with which newly announced fees convert into completed fees at Bank of America (BAC), Houlihan Lokey (HLI) and Jefferies (JEF), a gauge of how quickly the advisory pipeline monetises. Further charts cover announced strategic and M&A transaction volumes and the composition of the industry fee pool, illustrating the mix of revenue sources across the market. Together the exhibits support the note's constructive angle: building investment banking activity that provides a positive read-through for the sector as announced mandates progress toward completion.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
