For a sector associated with staid British traditions, there’s a renewed sense of American-style sharp-elbowed competition among investment banks’ corporate broking teams. Larger investment banks are circling smaller rivals as the shake-up from the second Markets in Financial Instruments Directive, introduced in January, upends the broking world.

In April, UBS won FTSE 250 clothing firm, Superdry, alongside Investec from Canaccord Genuity, while Citigroup was named as broker for the UK’s biggest hummus producer, Bakkavor — following its $1.3bn IPO — alongside Peel Hunt.