Wealth and asset manager dealmaking climbs in H1 2026, even as mega-deals dry up
Omar Ali, EY Global Financial Services Leader, said the market has settled into a new normal of managing through instability, but that the effect on pricing is real:
“Financial services firms have now adapted to operating in heightened uncertainty as standard, incorporating volatility into business-as-usual. But unpredictability has an impact, and is intensified by slower global economic growth, rising inflation and ongoing supply shocks. As such, despite the number of transactions rising, deal value in H1 this year across the world’s major markets is down on 2025 levels, as significantly fewer transactions completed over the $1b mark.”
Ali added that appetite for larger, transformative deals is expected to return in the back half of the year:
“However, despite market challenges, confidence is stabilising and boards are eager to accelerate the delivery of their strategic plans. As we look to the second half of 2026, we expect a pickup in dealmaking, as banks, insurers and asset managers increasingly look to M&A to achieve competitive growth and transformation.”
Andre Veissid, EY-Parthenon Global Financial Services Industry Leader, pointed to strength beneath the headline numbers:
