Equity market underwriting fees were up 25% in 2021 to a record US$40.0 billion, Refinitiv said.
A strong initial public offering (IPO) market, including SPACs, were a key driver of the increase.
At the same time, M&A fees jumped by 46% last year to US$48.2 billion, marking the strongest annual period for advisory fees on record.
Debt underwriting fees were more or less flat year over year, but fees from syndicated lending activity hit a record US$26.7 billion, up 26% from a year ago, the report said.
The financial sector was the largest driver of global investment banking fees in 2021, Refinitiv reported, accounting for almost one-third of the total.
The tech sector saw the largest jump in activity, with fees rising by 45% year over year.
While the global fee pool rose to record heights last year, it also became increasingly concentrated: the top three banks grew their combined share by 2.2% to 21%.
JP Morgan remained the top firm, with investment banking fees totalling US$12.9 billion, representing 8.1% market share.
Goldman Sachs ranked second, with an estimated 7.2% of global share, and Morgan Stanley was third.
BofA Securities and Citi rounded out the top five.
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