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A record start to the year in European equity capital markets has been helped by strong fund inflows from the US. The pipeline of potential deals is healthy, with government, private equity and corporate vendors all eager to sell.

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Analysts were convinced of the inevitability of US telecoms consolidation but the recent flurry of M&A activity was a surprise. Many analysts are dubious about its timing and doubt that much shareholder value will be generated. What's certain is that the business has been a welcome boost for M&A advisers.

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German business doesn't like equity. The old Rheinland model that was the foundation of the Wirtschaftswunder and Germany's spectacular rise from the ashes after the second world war is based on close working relationship between private enterprise, the local bank and the regional authorities. There was no need to open a company up to public scrutiny in the form of demanding shareholders. "Germany is all about private equity, in that private ownership is still the norm. If you take a list of the 30 biggest listed companies in Germany and a list of the 30-biggest companies then there is only limited overlap," says Siegmar Thakur-Weigold, head of alternative investments at HSBC. "There is a long tradition of buying companies here, but none of selling them again. Selling has been seen as a sign of weakness."

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Virtually unknown outside its native Malaysia, investment bank Commerce International Merchant Bankers has rapidly consolidated its domestic dominance. Running out of room to grow, the firm is acquiring Singapore stockbroker GK Goh in its first big step to create a regional investment banking force. The ambition is evident and so are the challenges.