Investment banks' financial sponsor teams collected a record $12.5bn (€8.8bn) in fees in the first nine months of the year on the back of record buyout activity, which came despite a third quarter slump due to the credit crunch.

Financial sponsors, or buyout firms, accounted for 20% of the $62.9bn in global investment banking revenues generated in the first nine months, according to data from research company Dealogic.