Rothschild saw a 25% rise in fee revenues from European mergers and acquisitions in the first nine months of this year, making it Europe's most improved advisory business, according to Dealogic, the data provider.

Fees for deals completed during the first three quarters of 2003, place Rothschild third in the latest league tables earning around $170m (€143.9m), compared with $135.6m in the same period last year.