http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aUEp0XnwljBc It lists the top 20 in fees overall, M&A, equities, and bond. (Look at graph icon on right labeled The Bloomberg 20 for the beakdown). In the list of M&A I notice that there are no PE shops such as KKR and Blackstone. Do they not qualify to be in the top 20 or do you think this list is only for banks?