Middle Eastern investment banking winners and losers in H1

Further evidence that the tentative recruitment within the Middle East investment banking sector is likely to continue - fees generated are up nearly 20% on this time last year.

Thomson Reuters has just released its Middle Eastern investment banking league tables to reveal what Basil Moftah, managing director for Middle East and Africa at the firm, describes as a "solid start to 2010".

"The levels of fees, M&A, capital market and loan activity are fuelling a growing confidence among the Middle East investment banking community," he says.

In the M&A space, which accounted for 40.4% of deal activity, the biggest winner was Credit Suisse, which has risen to the top spot from 7th place at the same point in 2009.

The bank has been building its team in Qatar (the busiest regional deal centre), as well as at the junior level, and its new lofty position is largely down to its close ties with Qatar Holdings, the sovereign wealth fund. Credit Suisse advised on its acquisition of Harrods - the biggest deal of Q2.

Morgan Stanley and J.P Morgan also remain at the top of the M&A rankings.

HSBC, which has unveiled a number of senior recruits recently, has maintained its place at the top of the debt capital markets standings, even though its market share has shrunk to 17.3%.

Still, while the year-on-year figures look favourable, the promising first quarter has slowed dramatically - M&A volumes in Q2 were down 70% on Q1. Overall, however, investment banking fees were up 19% on this time in 2009.

Investment banking league tables: