Investment banking fees generated in the UK total £3.3 billion so far during 2020, 5 percent less than the value recorded at this time last year and the lowest year-to-date total since 2016 according to research by Refinitiv.

While debt capital markets fees have jumped 30 percent from last year, and equity and syndicated lending fees have increased 16 percent and 15 percent respectively, fees earned from advising completed M&A transactions have declined 35 percent from this time last year to the lowest level YTD since 2013.

Boosted by 12 mega deals (£3.9 billion+) with a combined value of £199.5 billion, M&A with any UK involvement totals £275.1 billion so far during 2020, 46 percent more than the value recorded during the same period last year. Excluding mega deals, M&A with UK involvement totals £75.5 billion, the lowest YTD total since 2009.

The value of UK involvement deals recorded so far during the third quarter of 2020 declined 38 percent from the previous quarter, which was boosted by Unilever's £84.1 billion dual-headed share unification. After two consecutive months of growth, UK involvement M&A recorded so far during September totals £45.4 billion, the second-highest monthly total in 13 months.

The number of deals announced so far during 2020 has declined 29 percent from last year. So far just 2,779 deals with UK involvement have been announced during 2020, compared to 3,898 during the same period last year.

The value of deals involving a UK target is £110.4 billion so far during 2020, 3 percent less than the value recorded during the same period last year. Merger activity stalled during the second quarter, with deals reaching just £17.3 billion, the lowest quarterly total in four years. With deal announcements including Nvidia's £31.5 billion acquisition of Arm Ltd, and GardaWorld's £5.1 billion hostile takeover of UK security firm G4S, M&A involving a UK target totals £45.5 billion so far during the third quarter 2020, a 163 percent increase from the previous quarter but 23 percent less than the same quarter last year.

Lucille Jones, Analyst at Refinitiv Deals Intelligence, comments: "The lack of clarity surrounding the UK's departure from the EU remains a concern for companies engaging in deal making in the UK, as does the impact the coronavirus pandemic has had, and continues to have on the economy.

"As a new set of COVID restrictions are introduced in an attempt to control the virus, deal makers will have to assess the impact a new wave of coronavirus lockdowns may have on balance sheets and business models, and whether they should pursue acquisitions over the coming months, or hold back for more certain times."

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Investment banking fees generated in the UK total £3.3 billion so far during 2020, 5 percent less than the value recorded at this time last year and the lowest year-to-date total since 2016 according to research by Refinitiv.

While debt capital markets fees have jumped 30 percent from last year, and equity and syndicated lending fees have increased 16 percent and 15 percent respectively, fees earned from advising completed M&A transactions have declined 35 percent from this time last year to the lowest level YTD since 2013.

Boosted by 12 mega deals (£3.9 billion+) with a combined value of £199.5 billion, M&A with any UK involvement totals £275.1 billion so far during 2020, 46 percent more than the value recorded during the same period last year. Excluding mega deals, M&A with UK involvement totals £75.5 billion, the lowest YTD total since 2009.

The value of UK involvement deals recorded so far during the third quarter of 2020 declined 38 percent from the previous quarter, which was boosted by Unilever's £84.1 billion dual-headed share unification. After two consecutive months of growth, UK involvement M&A recorded so far during September totals £45.4 billion, the second-highest monthly total in 13 months.

The number of deals announced so far during 2020 has declined 29 percent from last year. So far just 2,779 deals with UK involvement have been announced during 2020, compared to 3,898 during the same period last year.

The value of deals involving a UK target is £110.4 billion so far during 2020, 3 percent less than the value recorded during the same period last year. Merger activity stalled during the second quarter, with deals reaching just £17.3 billion, the lowest quarterly total in four years. With deal announcements including Nvidia's £31.5 billion acquisition of Arm Ltd, and GardaWorld's £5.1 billion hostile takeover of UK security firm G4S, M&A involving a UK target totals £45.5 billion so far during the third quarter 2020, a 163 percent increase from the previous quarter but 23 percent less than the same quarter last year.

Lucille Jones, Analyst at Refinitiv Deals Intelligence, comments: "The lack of clarity surrounding the UK's departure from the EU remains a concern for companies engaging in deal making in the UK, as does the impact the coronavirus pandemic has had, and continues to have on the economy.

"As a new set of COVID restrictions are introduced in an attempt to control the virus, deal makers will have to assess the impact a new wave of coronavirus lockdowns may have on balance sheets and business models, and whether they should pursue acquisitions over the coming months, or hold back for more certain times."