Brazilian bank BTG Pactual, which went public in April this year, posted an increase in investment banking revenues during the third quarter despite subdued M&A and equity capital markets activity in the region.

Revenues from investment banking - which include fees earned from M&A and capital markets advisory work - increased 15% quarter-on-quarter to 148m Brazilian real ($72m), and were up 59% compared to the third quarter of 2011.