Investec Bank Plc has bought a majority stake in European adviser Capitalmind Group, the latest deal for a boutique firm amid the worst mergers and acquisitions slump in a decade.

The subsidiary of Investec, whose shares are listed in both London and Johannesburg, will increase its stake in Capitalmind to about 60% after having acquired 30% about two years ago, according to a statement Wednesday. Financial terms of the deal weren’t disclosed.

“The mid-market space is becoming more international and requires a more globally integrated focus,” Investec Bank CEO Ruth Leas said in an interview. Capitalmind employs more than 90 people and has seven offices in European countries including France, Germany and the Netherlands.

Various big lenders have in recent months announced deals for smaller investment banks in the wake of a sharp downturn in global M&A volume. The most prominent of these transactions in the City of London was Deutsche Bank AG’s acquisition of Numis Corp., one of the best-known UK boutiques.

There’s also been consolidation in adjacent industries. In April, Rathbones Group Plc agreed to buy Investec’s UK wealth management business in an all-share deal valued at £839 million ($1 billion).