Gerardo Braggiotti, the former star dealmaker at Lazard, is set to launch his European advisory boutique next month after receiving approval from the Bank of Italy. He will then carry out a capital increase of up to €370m ($440m).

Last week, Allianz, the German insurance group, said it would take a 3% share in the boutique following a shareholder meeting, scheduled for April 11. A source close to the matter said Braggiotti had received informal permission from the Bank of Italy to launch the business.