Banca Leonardo, the fast-growing advisory boutique launched last year by Italian banker Gerardo Braggiotti, has made its fourth acquisition in less than a year by buying Drueker & Co, an independent German advisory firm.

The acquisition, for which financial terms were not disclosed, marks Leonardo's first step into the German market. It has previously focused on Italian clients and France, where it has acquired the boutique Toulouse & Associés, small private bank VP Finance and independent asset manager DNCA Finance.