Information provider Dealogic defines a financial adviser as: “A professional institution rendering financial advice in relation to any mergers and acquisition activity, to a company, board, special committee or individual, whose services include independent valuations (fairness opinion), deal structure and negotiation, but exclude due diligence, transaction and accounting services.”

In reality, the role can be less clear-cut. While companies are likely to seek counsel on strategy and execution from a core of between one and three lead advisers, several more will be credited for other reasons. Financing banks are often included on the advisory roster despite little involvement in the day-to-day running of a transaction.