A top UK dealmaker has expressed concerns over the advice given by integrated investment banks after joining an independent mergers and acquisitions firm as a senior managing director.

Anthony Fry, the former head of UK investment banking at Lehman Brothers who advised the London Stock Exchange on a series of takeover approaches over the past three years, has joined Evercore Partners in London after hearing criticisms of bulge-bracket investment banks by company executives on a management course in the US.