The former co-chief executive of Lehman Brothers in Europe and the Middle East, Riccardo Banchetti, who last year co-founded boutique Pactum Advisers, has recruited a team of three to launch an asset management division.

Andrea Brignone, a former Morgan Stanley private banker and partner at London-based investment manager BCM & Partners who joined the London-based boutique on July 1, is leading the new division. Joining him are two colleagues from BCM, portfolio managers Simon Wainwright and Konstantin Von Knieriem.