Greenhill & Co’s chairman once again lamented the fact that “almost none” of its big takeover mandates had translated into completed deals and the resulting boost to fee revenues, as the US advisory boutique’s profits in the first three months of 2016 fell for the third straight quarter.

Unlike the previous two quarters, revenues at Greenhill rose - climbing from $61.9 million in the first quarter of 2015 to $66.9 million in 2016 - but net profits fell 43% to $4.4 million on the back of higher staff compensation costs for the period, according to results published after the US market close on April 20.