Unicredit on Wednesday beefed up its fixed income operations by hiring a team of debt specialists from NewSmith Capital Partners, the UK-based advisory and asset management boutique. The Italian bank, which wants to build its investment banking business, is buying NewSmith’s 10-man debt advisory business and appointing TJ Lim, the head of the unit, as co-head of its markets operations. As part of the deal, Unicredit will buy a 5% stake in NewSmith for an undisclosed amount and pledge to invest in new funds set up by the group, which has about $5bn under management.
