New breed boutiques

24 December 2005 By Rob Cox Follow @rob1cox

Deal impresarios Joe Perella and Gerardo Braggiotti are opening investment banking firms in the New Year backed by big money. But their shops will differ from the boutiques of old as they aggressively target a larger slice of the burgeoning hedge fund fee pool.

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Joe Perella and Terry Meguid, two top former Morgan Stanley investment banking executives, are raising some $1bn to launch a new firm in the new year.

The firm, whose name has not been decided, will offer global advice on mergers and acquisitions, invest in private equity deals with clients and seed a hedge fund operation.

The move comes some nine months after Perella and Meguid left Morgan Stanley amid strategic differences with the company's chairman and chief executive, Philip Purcell, who ultimately lost his job in late June.

Similarly, former Lazard European chief Gerardo Braggiotti is raising some E250m from wealthy investors like the Agnellis to capitalise Banca Leonardo, a Milan broker he recently acquired.

Braggiotti's firm will offer M&A advice, wealth management and invest in private equity as well.

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