Globally, the volume of completed M&A transactions for the first half was down 30% versus the prior year. Five of our nine large global bank competitors have reported second quarter results so far and their aggregate year-to-date advisory revenue was down 19% versus ours down 12%.
You will recall that the trend of our growing advisory revenue faster than the nine large banks which are our primary competition has been in place for some time. Coming into 2012 we have grown our advisory revenue 39% over the preceding 3 years while the aggregate advisory revenue of the big bank group actually fell 17%. We are pleased that this trend towards significantly increased market share remains very much in place in the first two quarters of 2012.
In terms of how we want to build our firm we are focused on breadth of industry coverage, geographic diversity and offering many types of advice outside of traditional M&A including financing and restructuring advisory as well as capital advisory or fund placement.
It is the breadth of our revenue sources that has allowed us to continue gaining market share during this challenging transaction environment. In terms of geographic diversity in year-to-date we have seen significant improvement in our revenue from European clients despite the continuing economic and market challenges there that you all are familiar with. This is probably offset to reduced level of revenue in Australia which comes after a very strong couple of years in that market.By industry we also showed good breadth, as listed in our press release we completed six transactions in the second quarter across a range of industries and this industry breadth combined with what we showed in the first quarter also reflects the range of industries that are active in our pipeline of ongoing advisory assignments. Read the rest of this transcript for free on seekingalpha.com