Four bankers from JP Morgan's Italian wealth and advisory businesses have left to set up Four Partners, a wealth management and private equity boutique based in Milan that will focus a planned buyout fund on small- and medium-sized enterprises.

The four managing partners include Simone Rondelli, a former managing director in M&A at the US bank and one of Financial News' 2006 rising stars, and Guido Tugnoli, former head of Italian M&A.