Lazard Opens in Lima

Lazard has opened a new financial advisory office in Lima. The boutique M&A shop plucked Augusto Barreto from Citi’s Peru office in September to head the unit as a managing director. The new opening is part of Lazard’s move to expand in LatAm beyond Argentina, Uruguay, Chile and Panama. Large banks, most recently Deutsche Bank in July, have set up shop in Peru hoping to land a jumbo cross-border M&A transaction, as well as profit from one of the region’s fastest growing domestic markets. Boutiques have recently sprung up in LatAm to serve an increasing number of small and mid-size clients. They may find themselves in a more advantageous position, unburdened by larger institutions’ balance sheet troubles.