Of all the changes that have occurred in Hong Kong’s corporate firmament since July 1, 1997, the most pronounced are arguably those that have transformed the investment banking sector.

A scan of the investment banking rankings for 1997 throws up some long-lost names. Among the biggest beasts were the likes of Schroders, Flemings and Barings, blue-chip UK banking names, and Peregrine, the upstart homegrown firm.