The Globe and Mail reports in its Saturday edition that GMP Capital's mergers and acquisitions advisory revenue hit a record high in the second quarter. The Globe's Niall McGee writes that GMP says uncertainty in energy and mining "spurred robust M&A activity" during the quarter. Underwriting fees, which are GMP's bread and butter, disappointed though, falling almost 40 per cent. GMP is currently sitting in ninth place, just behind rival independent Canaccord Genuity in the "league tables" that rank brokerages by the amount of investment banking business they generate. GMP's biggest deal so far this year came in the second quarter. It co-led a bought deal that was announced in June to sell almost $1-billion in Tahoe Resource shares. The Tahoe deal soured somewhat though as GMP and BMO Nesbitt Burns were forced to sell some of the shares at a loss. GMP chief executive officer Harris Fricker says fee revenue from the deal (the firm was paid a 4-per-cent commission) more than offset any losses incurred on selling Tahoe shares. He says, "We still made a significant fee on the transaction." Scotia Capital analyst Sumit Malhotra estimates GMP made between $3-million and $4-million on the Tahoe share sale.