Global equity capital markets (ECM) fees in the fourth quarter were their highest for two years as global ECM volumes increased 24% over last year, according to preliminary data from Dealogic, the investment banking research firm.

Gross fees for global ECM this year are $11bn (€8.9bn) with 15% coming from Europe, Middle East and Africa (Emea). More than half, 58%, of the fees were generated in the Americas with the rest from Asia Pacific.