After fees across Asia ex-Japan fell to their lowest since 2019, the investment banks that emerged strongest were not simply the most active – they were the most structurally prepared. Drawing on proprietary data and in-depth interviews, this MarketMap report benchmarks the institutions that led the 2025 recovery: those that had spent the lean times consolidating platforms, deepening cross-border distribution and embedding technology, and were therefore positioned to move decisively when conditions shifted.
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