Investment banking fees in Singapore reached an impressive US$864.6m in 2025, marking a 28.9% increase from the previous year, according to the latest report by the London Stock Exchange Group (LSEG). This surge represents the highest annual total since 2021, driven by significant growth in advisory and equity capital markets fees.
Advisory fees from completed mergers and acquisitions (M&A) transactions rose to US$265.1m, a 55.3% increase compared to 2024. Equity capital markets underwriting fees more than doubled to US$210.9m, reaching a four-year high. Debt capital markets fees also saw a notable rise of 55.9%, totalling US$155.2m, the highest since records began. However, syndicated lending fees experienced a decline of 24.1%, dropping to US$233.4m.
DBS Group Holdings emerged as the top fee earner in Singapore’s investment banking league table for 2025, securing US$72.9m and an 8.4% share of the total fee pool. The report also highlighted a decrease in M&A activity, with deals involving Singapore totalling US$70.4b, a 9.1% drop from the previous year. Despite this, the Energy & Power sector saw a doubling in value, capturing 17.4% of the market share.
Looking ahead, the investment banking sector in Singapore is poised for further growth, with continued interest in high-value sectors such as Energy & Power and Real Estate. The report underscores the dynamic nature of Singapore’s financial landscape and its resilience in the face of global economic challenges.
