Albert Frère, the Belgian financier, is reported to have started negotiations for a 20% stake in Banca Leonardo, the new pan-European advisory boutique acquired by ex-Lazard star dealmaker, Gerardo Braggiotti.

Belgium newspaper L'Echo has reported Frère will follow Eurazeo, the French private equity firm that earlier this week confirmed it will take a 20% stake in Banca Leonardo with the aim of creating an Italian private equity joint venture.