The chief executive of mid-market investment bank Houlihan Lokey said that deal activity is remaining at “normal levels” despite tariffs in the US that have led to larger transactions being put on ice.

Scott Adelson, who leads the Los Angeles-headquartered investment bank, said that mid-cap deals have proven “a lot more resilient”, even as US president Donald Trump’s move to impose tariffs on its trading partners has led to global uncertainty.