The merchant banking team at Singer & Friedlander, led by Charles Price, can take a bow for securing a 6,800% gain for their firm as a result of a single deal. Guess which sector?

You're right. Singer & Friedlander recently agreed to take options in internet service provider Affinity in lieu of a £43,000 arrangement fee on a loan. The loan was to provide some cash to Affinity to get it going. Rather than take cash for its fee, it took options in the company, which has now floated. Sales of shares, and retention of others, has made Singer & Friedlander's stake worth £29m. But those jealous of Singer & Fried-lander can console themselves with the thought that the stake was worth no less than £40m a few weeks back.