Unicredit on Wednesday beefed up its fixed income operations by hiring a team of debt specialists from NewSmith Capital Partners, the London-based advisory and asset management boutique.

The Italian bank, which is keen to build up its investment banking business after avoiding the worst of the credit crunch, is buying NewSmith’s 10-man debt advisory business and appointing TJ Lim, the head of the unit, as co-head of its markets operations.