Managing directors hired by Lazard, Greenhill and Evercore since the financial crisis started will bring in $300m (€202m) in additional revenues for their new employers, according to new research that suggests aggressive hiring by the independent investment banks will pay dividends when M&A activity rebounds.

Analysts at Keefe, Bruyette & Woods have upgraded their 2010 and 2011 earnings per share estimates for Lazard, Greenhill and Evercore, based on the earning power of the managing directors they have hired from bulge-bracket rivals.