Evercore has made a major hire to accelerate its European growth strategy, appointing Luigi de Vecchi, one of Citigroup’s most senior dealmakers, as Chair of its continental European business. 

De Vecchi will join the firm in July and spearhead the launch of a new office in Milan, while also maintaining a base in Paris.

The move marks a significant step in Evercore’s continued effort to expand its international advisory franchise, following last year’s high-profile recruitment of three senior Lazard bankers in France. De Vecchi’s appointment signals the firm’s intent to challenge more established players across key European financial hubs.

During his decade-long tenure at Citigroup, de Vecchi advised on landmark transactions such as the €50bn merger of Essilor and Luxottica, LVMH’s $16bn acquisition of Tiffany, and Prada’s €1.25bn purchase of Versace. His departure comes amid a broader leadership reshuffle at Citi under new global banking chief Vis Raghavan.

Despite its smaller scale compared to Citi, Evercore ranked sixth globally by total deal value last year, just two spots behind the Wall Street giant. The firm, which operates on a performance-based “eat what you kill” model, has been gradually increasing its footprint in Europe and views the region as a key growth market.

CEO John Weinberg recently described Evercore’s European strategy as being in the “third or fourth inning,” signalling further expansion ahead.

Source: Financial Times