Former Lehman Europe boss is off to a flier with new boutique

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Banchetti was made joint head of Lehman's European, Middle East and African business, which ran out of London just weeks before the bank went under.

He set up London-based Pactum Advisers in the spring aimed at advising Italian companies on how to restructure or unwind their debt and derivative positions.

The business was given authorisation by the Financial Services Authority three months ago and since then has won mandates worth more than 1 billion. His business partner Antonio Miele, who also worked at Lehman, told Financial News that they had been "extremely surprised" at how quickly the business had taken off and were recruiting extra staff to cope with demand.

He added: "We expect to keep growing at this rate for the next six months and will be focusing on building up the debt restructuring business as well as developing a more traditional corporate finance capability."

Banchetti is one of six former Lehman executives and traders who have filed claims worth more than $100 million against the US business, which is in Chapter 11 bankruptcy protection.