UBS and Lazard have between them worked on half of all fairness opinion mandates in Europe this year, according to new research. This reflects a growing trend among company boards to seek a second opinion when weighing potential mergers and acquisitions.

The two investment banks have notched up 32 of the 64 fairness opinions rendered on deals worth more than $500m (€406m) in Europe, the Middle East and Africa, according to data provider Thomson Reuters, which has compiled a league table of fairness opinion providers for the first time.