Greenhill, the independent US investment bank due to float this year, earned more than half of its advisory revenues in Europe in the past five years.

Between 1999 and 2003, 53.2% of Greenhill's advisory revenues came from clients based outside the US, according to a filing with the US Securities and Exchange Commission for the bank's initial public offering, which is expected to raise $86m (€70m). Last year, 52.2% of Greenhill's revenues of $127m came from outside the US, compared with 38.8% in 2002. At the end of last year, the bank employed 107 people, with 44 based in its London and Frankfurt offices.