Corporate finance revenues at the UK subsidiary of Dresdner Kleinwort Wasserstein, the investment banking division of German insurer Allianz, fell sharply last year, according to accounts published last week.

Dresdner Kleinwort Wasserstein Limited, the UK subsidiary, reported corporate finance and advisory revenues of £77.2m (€116m) in the year to December 31, 2003, compared with £152.6m the previous year.