Deutsche team tops deals league

INVESTMENT bankers at Deutsche Bank have topped the league table for British deals for the first time since the 1980s glory days when Morgan Grenfell, now part of Deutsche, headed the charts. Deutsche pushed Merrill Lynch into second place in the first quarter of 2002, advising on 13 UK-linked deals worth $21.9bn (£15.2bn), according to Thomson Financial.

'We're dead chuffed,' said Roger Aylard, head of UK coverage at Deutsche, which came 12th in the preceding 12 months and 18th in the corresponding quarter of 2001. 'It's the first time we're visibly up there punching the sort of weight we ought to.'

Deutsche advised on Imperial Tobacco's e5.8bn (£3.5bn) bid for German cigarette company Reemtsma and on German utility group RWE's e8.5bn bid for Innogy. In both cases it advised the British, not the German company

The mergers and acquisitions team, which also advised on the e910m acquisition of Regional Independent Media by Johnston Press, was built out of Morgan Grenfell, NatWest Securities and Bankers Trust.

Deutsche was followed by Merrill, with $15.9bn of deals, Morgan Stanley ($15.2bn) and Credit Suisse First Boston ($12.5bn).

The figures also underline the depth of the M&A famine. Deals announced amounted to $45.1bn, compared with $77.3bn in the first quarter of 2001. Aylard said the climate for was tough. 'But we've got enough of a pipeline not to feel despondent,' he added.