KPMG completed 337 transactions with price tags of $1 billion or less in 2017, making it the most active investment bank in the global middle market, as measured by deal volume, according to data compiled by Thomson Reuters and analyzed by Mergers & Acquisitions.

PricewaterhouseCoopers closed 278 deals, coming in second place. Rounding out the top 5 middle-market investment banks by volume were Rothschild & Co., Houlihan Lokey Inc. (NYSE: HLI) and BDO.

Click below to see the full table.

To see the ranking of investment banks by deal value, click here for the article.

Editor’s Note: To measure activity in the middle market, Mergers & Acquisitions looks at transactions that fulfill several requirements: Deals must have a value of roughly $1 billion or less, or an undisclosed value; and they must be completed (not just announced) within the timeframe designated. For this ranking, we included deals throughout the world. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed buyers or sellers. The data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time. For this article, data was collected on Feb. 15, 2018.

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