UBS Investment Bank, which advised UK advertising agency Cordiant on its protracted £10m (€14m) takeover by rival WPP, has scooped almost £7m of a total advisory fee pot of around £16m.

The sum represents a 70% slice of the equity value of Cordiant. Even when the fee is gauged against Cordiant's enterprise value, which includes £250m of debt, £300m and three other disposals totalling £85m, it represents 18%. Investment banks charge fees amounting to 1% of the value of a deal.