Goldman, UBS Alumni Redefine Boutique as Tiny Firms Win

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The townhouse in London’s Mayfair neighborhood where Michael and Yoel Zaoui have their offices is much more modest than the sprawling financial-district headquarters where they spent most of their careers.

Yet the two brothers -- former mergers and acquisitions bankers at Morgan Stanley and Goldman Sachs Group Inc. -- are becoming an outsized presence on some of Europe’s largest corporate transactions. Just this month, the Zaouis have worked with GlaxoSmithKline Plc on a complex $23 billion deal with Novartis AG, and advised Lafarge SA on its $40 billion merger with Holcim Ltd.