Pure investment banks are making more of strong trading conditions than their universal rivals, according to a report.

Last year's boom has not benefited all banks equally. Despite more than $4 trillion (€3 trillion) in M&A activity and a 31% growth in investment banking fees to $183bn, universal banks lagged many of the pure independent investment banks when it came to boosting their global investment banking revenues, according to David Hilder, a financial institutions analyst at Bear Stearns.