When Jefferies bought UK corporate broker Hoare Govett from Royal Bank of Scotland in February last year, the US investment bank was a relative minnow in the European equity capital markets.

Before the deal it ranked 29th in Europe, the Middle East and Africa by investment banking fee revenue in 2011, according to data provider Dealogic. It had climbed to 26th by the end of 2012 and was placed 31st for the period between January 1 and May 20 this year.