London-based advisory firm STJ Advisors, traditionally known for its work on flotations, has made a rare managing director promotion as it pushes to expand into convertible bond and equity derivatives work.

Naveed Nasar, who joined the boutique from Bank of America Merrill Lynch in February 2015, has been promoted to managing director - the only person currently at the firm to have the title, according to its website - and given the new role of head of equity-linked advisory.