Investment banking fees rise 3.1% as M&A hits three-year high

ECM underwriting fees and DCM fees both registered declines in H1.

Investment banking fees generated in Singapore rose 3.1% year-on-year (YoY) to $541.11m (US$418.4m) in the first six months of 2026, according to data from the London Stock Exchange Group (LSEG) Group.

Amongst banks, DBS Group Holdings topped the investment banking fee league table for the first half of 2026, amassing $64.78m (US$50.1m) in fees during the six-month period, or 12% of the overall fee pool.

Advisory fees from completed mergers and acquisitions (M&As) transactions climbed 8.5% YoY to a three-year-high of $184.28m (US$142.5m) during the period.

Equity capital markets (ECM) underwriting fees fell 6.1% YoY to $110.83m (US$85.7m), whilst debt capital markets (DCM) fees dropped 30.2% YoY to $72.54m (US$56.1m).

Syndicated lending fees grew 30.3% YoY to $173.52m (US$134.2m), the LSEG said.

Singapore made up 3% of the total APAC investment banking fees, and 48.9% of Southeast Asia fee pools.

Fees across the SEA region declined 6% YoY, contrasting with Singapore’s growth, LSEG said.

Across APAC excluding Japan, investment bank fees dropped 3% YoY to $15.65b (US$12.1b), whilst Japan rose 23% YoY to $3.75b (US$2.9b).

(US$1 = S$1.29 as of 2 July 2026)

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