The loss of such an important name from the worldwide private advisory business scene, that is Lazard, was a blow. Seeing it converted into another of the 'full service' firms left a gaping hole in the provision of independant financial advice in many markets.
Some of the partners were not happy and I am delighted that one of such high quality as Mr. Braggioti decided to fill that needed hole. Of course one of the reasons he left Lazard appeared to look very much like a power play and so puts a question mark over his commitment to a purely independant financial advisory, with emphasis on independant. His large capital base and the talk about participating in venture capital-type transactions is another reason to question his commitment to independence.
In this he is following the same route as Joseph Perella where independance and participation in deals is clearly in conflict.
Nevertheless, other than this, Mr. Braggioti's boutique looks and feels like his old Lazard approach.
Good news.
Onésimo Alvarez-Moro
See article:
Gerardo Braggiotti, one of Europe's most influential investment bankers, will today announce the acquisition of Toulouse & Associés, a French financial boutique, giving him a platform to challenge Lazard, his former employer, in one of its core markets.
The deal will be mostlyin shares but the terms are to remain confidential. It allows Mr Braggiotti to achieve his aim of expanding Gruppo Banca Leonardo, the Italian-based boutique he founded last year, into the French market.
It sets up an intriguing clash between Mr Braggiotti and Lazard. The 52-year-old quit as the Milan-based head of Lazard's investment banking business in Italy, Benelux, Germany, Spain and Scandinavia, after opposing the investment bank's flotation last year.
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