DBS, UBS, Citigroup, Goldman Sachs and Morgan Stanley dominate equity and advisory fees in city-state.

Despite a diverse field of international and regional banks, just five firms handled about seven out of every ten ECM and M&A mandates in Singapore in 2024, underscoring a persistent oligopoly.

Market Concentration: The 70% Rule

Singapore's top five investment banks—DBS, UBS, Citigroup, Goldman Sachs, and Morgan Stanley—accounted for approximately 70% of equity capital-markets underwriting and M&A advisory mandates in 2024. This concentration level is typical of mature financial hubs but noteworthy given the city-state's role as the gateway to Southeast Asian dealmaking. In a market where international bulge brackets, regional domestic banks, and elite boutiques all compete, four out of every five dollars in fee revenue flows through just five institutions.

Industry data compiled by the London Stock Exchange Group (LSEG) indicates that the top tier's grip on mandates remains resilient even as total fee pools expand. The 70% share reflects enduring client preferences for banks that combine deep local relationships with global distribution capabilities—a combination that few firms outside the top five can replicate consistently.

%Source: Orionmano Industries

The Dominant Five: Profiles and Strengths

Each of the five banks brings a distinct competitive advantage to Singapore's dealmaking landscape.

DBS Group secured the top spot in Singapore's domestic equity and equity-linked underwriting league table for 2025, with US$983.6 million in related proceeds. As the largest bank in Southeast Asia by assets, DBS leverages its entrenched corporate banking relationships and deep understanding of local issuers to lead equity capital markets (ECM) transactions, particularly for real estate investment trusts (REITs) and Singapore-listed corporates.

UBS topped the league table for M&A transactions involving Singapore in 2025, advising on deals worth US$8.3 billion and capturing an 11.8% market share. The Swiss bank's strength in cross-border advisory, combined with its wealth management-linked deal origination network, has made it the go-to advisor for complex M&A mandates requiring global execution.

Citigroup was the top overall fee earner in Singapore's investment banking league table in Q1 2025, with US$23.9 million in fees representing a 12.7% wallet share. Citi's global network and deep coverage of multinational corporations, financial sponsors, and sovereign wealth funds allow it to capture mandates across ECM, M&A, and debt capital markets.

Goldman Sachs and Morgan Stanley maintain strong M&A advisory practices despite facing headwinds. Goldman Sachs' Singapore franchise has navigated the lingering reputational fallout from the 1MDB scandal, which has constrained its ability to win certain government-linked mandates but has not eliminated its role in high-value cross-border transactions. Morgan Stanley has maintained a consistent presence in Southeast Asian cross-border deals, particularly in technology, consumer, and infrastructure sectors where its global industry coverage provides a competitive edge.

Deal Activity and Fee Trends in 2024–2025

The concentration of mandates among the top five banks matters because the underlying fee pool has grown substantially. Singapore's full-year 2025 investment banking fees rose 28.9% to US$864.6 million, the highest annual total since 2021, according to LSEG's Deals Intelligence team. Total ECM proceeds in 2025 reached US$7.4 billion, more than double the approximate US$3.7 billion raised in 2024, with the number of issues rising by 66.7%.

M&A advisory fees in 2025 totalled US$265.1 million, up 55.3% from 2024, while ECM underwriting fees more than doubled to US$210.9 million—the strongest showing since 2021. Debt capital markets fees also recorded a historic jump of 55.9% to US$155.2 million, marking the highest level on record.

The first quarter of 2025 showed how quickly the mix can shift. ECM fees hit US$57.3 million (rising more than sevenfold from Q1 2024) while M&A advisory fees fell 48.5% to US$36.2 million, the lowest year-to-date level since 2020. This volatility underscores the importance of having diversified product capabilities—a hallmark of the top five.

Real estate issuers accounted for 42.7% of 2025 ECM proceeds (US$3.2 billion), supported by substantial REIT offerings. The high technology sector contributed 33.2% (US$2.5 billion), while healthcare issuers made up 10.4% of total proceeds. Four of the top five deals in early 2025 came from REITs, and the US$944.3 million IPO of UI Boustead Reit was the largest offering in Singapore since 2017.

Implications for Issuers and Advisors

The 70% mandate share signals limited pricing power for clients and high barriers to entry for mid-tier banks seeking ECM and M&A mandates in Singapore. For issuers, the cost of capital and advisory fees are effectively shaped by the competitive dynamics among five firms rather than a broad market. This dynamic can compress pricing when top banks compete head-to-head for trophy mandates but leave less room for negotiation on smaller or mid-sized transactions.

Domestic banks beyond DBS—UOB and OCBC—can leverage local relationships to win capital markets business, particularly from Singapore-listed corporates and REITs. However, they face stiff competition from bulge-bracket banks when complex cross-border execution is required, such as in dual-track IPOs, cross-border acquisitions, or structured financing.

Elite boutiques like Evercore and Rothschild maintain niche M&A advisory roles, especially in middle-market transactions where deal complexity outpaces ordinary advisory capacity but fee pools are too small to attract the top five. Evercore has the strongest boutique presence in Singapore, while Rothschild remains active on mid-market assignments.

Looking ahead, the growth of REIT IPOs and tech listings could open opportunities for newer entrants if top-five capacity is stretched during periods of peak activity. The three IPOs on the Singapore Exchange in Q1 2025 raised a 13-year-high of US$791.9 million, suggesting that ECM activity is accelerating toward levels last seen before the pandemic. If issuance volumes continue to climb, boutique banks and second-tier regional firms may capture a larger share of smaller listings and advisory roles.