Philippe Villin, who resigned as chairman of Lehman Brothers in France last week, has re-opened his boutique after terminating his exclusivity arrangement with the US investment bank.

Villin closed PH Villin Conseil in 1998 when he signed an agreement to run Lehman Brothers' French operation. In 2001 his duties were expanded when he was made vice chairman of Lehman Brothers' European investment banking business. Last week, Villin and Lehman brothers agreed to terminate their advisory relationship.