Europe's investment banking market may be firing on all cylinders but the winners this year will be those most able to do complex deals and grab the largest share of the private equity wallet.

Robin Osmond, global co-head of investment banking at HSBC corporate and investment bank, said: "During the second and third quarters we saw the triumphant return of the trade buyer. Corporate buyers have emerged from several years of deleveraging to do deals, while shareholders are prepared to ascribe real value to synergy numbers."