JPMorgan has created a new team of investment bankers to focus on blank cheque companies in Europe, as the boom in these products over the past year has now exceeded $100bn.

The US investment bank has named two senior London-based dealmakers into a new unit targeting special purpose acquisition vehicles in Europe, the Middle East and Africa, according to an internal memo seen by Financial News. The bankers will sit within the bank's M&A team, as more Spacs look for European targets even if they raise funds in the US.