RBC Capital Markets was the top adviser to private equity firms in the fourth quarter, a period in which a clutch of bulge-bracket investment banks slipped out of the top 10 rankings.

The investment banking arm of Royal Bank of Canada was the most active financial adviser to private equity firms on mergers and acquisitions in the period from the end of September to December 28, according to data provider Dealogic. The bank worked on nine deals worth $12.45b.