Investment banker Piers von Simson hopes the recruitment of Charlie Metcalfe, former chief executive of First State Investments, to his boutique, Auden Capital, will strengthen his hand advising asset managers on restructurings.

In years gone by, von Simson serviced prestige accounts at SG Warburg, which encouraged UBS to buy the investment bank. The accounts included French luxury goods group LVMH, the Treuhand, the agency in charge of East German privatisation, and French insurer Groupe Victoire.