Institutional Equities & Research
Baird's sustained investment in expanding our Institutional Equities & Research platform drove strong performance during 2013. Baird's top-ranked sales and trading teams helped increase trading volume 8% compared to a U.S. industry decline of 3%, leading to another year of solid market share and revenue gains.
Our Institutional Equities & Research team takes a knowledge-based approach that we believe creates tangible value for clients. Our sales and trading professionals leverage their detailed knowledge of client portfolios to help clients meet their objectives. We also remain committed to excellence in fundamental investment research. Baird now covers 713 companies, an increase of 33% over the past five years. During 2013, the Greenwich survey* of fund managers named Baird the No. 1 "most trusted" source of equity research for the 10th consecutive year. Similarly, we believe there is mutual benefit in bringing together company managements and institutional investors. We arranged thousands of these connections through conferences, company visits and management trips, earning Baird the Greenwich survey's No. 1 ranking for "access to small-/mid-cap companies' management."
Baird's Investment Banking group provides comprehensive advisory, equity financing and restructuring services through an integrated, cross-border team based in the United States, Europe and Asia. Continued investments to enhance our global capabilities resulted in record revenues in 2013.
For the third consecutive year, we achieved record performance in our equity financing business. We completed 125 financings versus 79 in 2012, representing a broad yet balanced mix of underwriting activity across all of our industry teams. Our activity included a record number of initial public offerings and transactions on which we served as a book runner or lead manager. This strong performance drove significant market share gains. We have become a middle-market leader in equity origination while maintaining our steadfast commitment to independent research excellence and a balanced institutional sales and trading model.
Investment Banking also has a leading middle-market presence in advising corporations, financial sponsors and entrepreneurs on merger and acquisition transactions. We advised on more than 60 M&A transactions with a value exceeding $17 billion during 2013. More than a third of these deals involved an international party, and 81% included a financial sponsor. We continued to strengthen our team through promotions and new hires. We added 20 professionals and broadened our capabilities in Healthcare, Europe and our Financial Sponsor Group.
* Greenwich Associates U.S. Equity Investors - Small/Mid-Cap Funds, 2004-2013. May 2013 survey conducted with 88 U.S. small-cap and mid-cap fund managers.