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Morgan Stanley director moves to Milan to make MD

Milan is a great place to move if you like fashion, cuisine, and architecture. It’s also a great place to move if you have something rather less romantic compelling you: your financial services career.

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Valentina Bertin joined UniCredit in Milan today as a managing director in leveraged finance solutions. Bertin spent seven years with Morgan Stanley across London and Milan, starting in the bank’s M&A team before settling down in leveraged & acquisition finance. She was an executive director at Morgan Stanley. 

UniCredit, which announced results said its "bond market and M&A fees", presumably a mix of debt capital markets and advisory fees, were up a combined 23%. 

UBS's share price has risen 88% in the last 365 days, seemingly by virtue of share buybacks and the efforts of its superstar CEO Andrea Orcel. Orcel's approach to UniCredit was termed "radically Anglo-Saxon" by a former UniCredit senior banker, and involves hiring.

Although Orcel said back in 2021 that he wanted to bring in as many as 50 new investment bankers, that number seems to have since been far outpaced, with 20 joining in 2023 alone. One of the latest is long-time HSBC stalwart Andrea Coda, who joined last month to be UniCredit's head of M&A.

European bankers are increasingly interested in being based in Italy. It has a tax exemption regime for expats, with tax breaks up to 70% that are much more flexible for professionals that move jobs than in Paris.

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AUTHORZeno Toulon

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