Berenberg’s ambitious attempt to grab a larger share of UK investment banking work this year is set to fall short. The bank is failing to hit its target of doubling its number of corporate broking clients.

The 428-year-old German bank said earlier this year it was aiming to increase the number of corporate broking clients it serves to 50 by the end of 2018, as part of a broader strategy to win more investment banking work outside its home market. It had 19 clients at the end of 2017, according to data from Adviser Rankings.