Alvarez & Marsal expands Italy restructuring practice with Milan hires

Alvarez & Marsal, the global restructuring and advisory firm, has hired Francesco Leone and Claudia Lotti as Managing Directors and co-heads of its Financial and Operational Restructuring practice in Italy, according to Consultancy.eu. Leone previously served as Italy Country Head for Corporate Finance and Restructuring at FTI Consulting, and held the rank of Managing Director and Partner at Boston Consulting Group in Milan. The hires signal confidence in the Italian market's restructuring demand and reflect Alvarez & Marsal's strategy to deepen its presence in one of Europe's largest economies.

The appointment comes as Italian corporates face mounting pressure from debt levels, demographic headwinds and the post-pandemic normalization of credit conditions. Lombardy, as Italy's economic engine and home to Milan's financial district, is a natural hub for restructuring activity. The region concentrates much of the country's manufacturing, fashion and financial services sectors, all of which have experienced significant stress in recent years. Consultancy.eu's report does not specify a timeframe for the hires or detail the size of the practice, but the move reflects international consultancies' broader bet on Italy as a restructuring market.

Leone's background in corporate finance and restructuring at both FTI and BCG positions him to serve multinationals and large Italian companies navigating operational transformation. Lotti's appointment as co-head signals the practice's intention to pursue a two-partner model, a common structure in European restructuring when demand is expected to be substantial. Consultancy.eu does not provide detail on their prior experience, but the seniority of their appointments—both as Managing Directors—suggests Alvarez & Marsal is committing significant resources to the Italian market.

For Milan's financial and professional services sector, the hire represents another incremental shift toward international advisory capacity. Lombardy's banks, insurers and corporate clients increasingly rely on foreign consultancies for complex restructuring, debt restructuring and operational transformation work. Alvarez & Marsal's expansion adds to the competitive density of the Milan advisory market, where firms like Deloitte, EY and McKinsey already maintain substantial operations. The move also reflects the consultancy's confidence that Italian corporate distress will remain elevated in the medium term—a view consistent with the foreign financial press's assessment of Italy's structural debt challenges and the eurozone's ongoing economic fragility.