Baird's long-term investment in building out our Institutional Equities platform has generated strong performance relative to the industry. Over the past five years, the number of Baird institutional equities clients has grown 13%. During this time, our trading volume has been relatively stable, despite the 34% decline in industry volume. We have expanded the content and analytics we provide clients, strengthened our trading execution, and added many experienced professionals to our sales and trading team. We have also maintained a deep commitment to excellence in fundamental investment research. Baird covered 723 companies at the end of 2014, an increase of 17% over the past five years. In the 2014 Greenwich survey* of fund managers, Baird ranked as the No. 1 "most trusted" source of equity research for the 11th consecutive year. We again ranked first in that survey for providing institutional investors access to companies' management through our four major conferences, company visits and management trips.
Baird's Global Investment Banking group provides comprehensive advisory and financing services through an integrated, cross-border team based in the United States, Europe and Asia. Years of commitment to building our global capabilities led to a second consecutive year of record revenues in 2014 — 24% higher than our previous high in 2013 — and a record 222 transactions.
Investment Banking is a leading middle-market advisor on merger and acquisition transactions. Baird’s deep sector knowledge, as well as the breadth of resources and collaboration we can bring to international assignments, helped us reach a new high-water mark in 2014. Investment Banking advised on a record 79 M&A transactions. More than one-quarter of these deals included an international party. We also continued to make investments to strengthen our global platform, adding to our capabilities in Europe and Asia and deepening our coverage in industry sectors such as Healthcare.
Baird's equity financing business posted its second-best year on record in 2014, down only slightly from the dramatic increase we experienced in 2013. We completed 123 equity deals representing a balanced mix of business across all of our industry teams. Importantly, we are continuing to strengthen our position as a lead manager, serving as bookrunner on 30% of our equity transactions — a record number. Our debt advisory business also continues to grow as we build our capabilities in this area for clients who need conflict-free advice on optimizing their capital structures globally.
*Greenwich Associates U.S. Equity Investors – Small/Mid-Cap Funds, 2004-2014. May 2014 survey conducted with 98 small-cap and mid-cap fund managers. Rankings for qualitative metrics are based on leading research firms in survey.