Berenberg, the staid Hamburg-based German private bank that has been aggressively building a capital markets business in the City, has crept into the realm of the bulge brackets.

So far this year, for the first time since rebooting its investment bank in 2008, Berenberg has made it into the top 10 banks for revenues advising on initial public offerings in Europe, the Middle East and Africa, according to data from Dealogic.