Bankers at NM Rothschild bridle at the suggestion, made by many, that it is a mere boutique. The Anglo-French bank is certainly no bulge-bracket contender on the world stage in M&A, but it can easily counter arguments that it is a minor player in Europe.

Philip Swatman, co-head of investment banking, says: 'We have 500 bankers worldwide and in terms of M&A we are not much smaller than some major competitors in Europe. We have a growing market share in large and medium-sized deals.'