JPM's Italian M&A chief quit for private equity after just two years
So did Gianernesto Bernardi, at least. Bernardi moved to JPMorgan just two years ago and headed up the bank’s M&A activity in the country from Milan. He was at Mediobanca before that, co-heading the technology, media, and telecoms (TMT) offering. He’ll be based in Milan for Azzurra, as a partner at the firm.
Azzurra Capital is a small private equity firm based in Dubai. Its first fund closed around two weeks ago, with around €600m in funds and is focused on “European growth opportunity”, as per local reporting. Azzurra’s next aim is a Singapore-based fund.
Data from market intelligence provider Dealogic says that Italy’s M&A activity in the first quarter of 2023 amounted to approximately $91m, significantly smaller than neighboring markets such as France (which had a $294m market) and even Spain ($102m).
JPMorgan is also, strangely, not the only bank that’s lost its head of advisory after a relatively short time on the job. We’ve already noted Nezahat Gultekin leaving UniCredit last month after barely a year into the role.
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