Investment banks have pulled in nearly $6bn in fees advising on blank-cheque companies in 2021, nearly double the record set just last year in a frenetic start that has upended the rankings towards Wall Street giants.

The $5.7bn hauled in by the world's largest investment banks advising on so-called special purpose acquisition companies represents 28% of the overall $20.9bn of global equity capital markets fees so far this year, which have smashed records in the first half of 2021, according to data provider Dealogic. The $3.4bn banks made advising on Spac IPOs last year was already an all-time high — five times ahead of any other annual total.